I already knew cap and trade was a disaster because it arises out of a make-believe problem. But even if I believed that anthropogenic global warming was bringing on a worldwide catastrophe and had to be addressed, there would apparently be plenty of reason for me to hate this thing.

If Stephen Spruiell & Kevin Williamson at National Review Online are right, then even lefty supporters of global warming legislation ought to be feeling pretty hoodwinked by the Waxman-Markey Clean Energy Act.  In A Garden of Piggish Delights, they chronicle 50 ways in which the legislation satisfies their description of it (my emphasis):

Two main things to understand about Waxman-Markey: First, it will not reduce greenhouse-gas emissions, at least not at any point in the near future. The inclusion of carbon offsets, which can be manufactured out of thin air and political imagination, will eliminate most of the demands that the legislation puts on industry, though in doing so it will manage to drive up the prices consumers pay for every product that requires energy for its manufacture — which is to say, for everything. Second, it represents a worse abuse of the public trust and purse than the stimulus and the bailouts put together. Waxman-Markey creates a permanent new regime in which environmental romanticism and corporate welfare are mixed together to form political poison. From comic bureaucratic power grabs (check out the section of the bill on candelabras) to the creation of new welfare programs for Democratic constituencies to, above all, massive giveaways for every financial, industrial, and political lobby imaginable, this bill would permanently deform American politics and economic life.

Highlights:

5. . . . [T]the bill also allows for the creation of “offsets” — the medieval-style indulgences of the carbon-footprint world. In fact, nearly all of Waxman-Markey’s carbon-reduction targets can be met with offsets alone through 2050, meaning decades before any actual reduction of greenhouse gases is required. That means huge new expenses for small businesses and consumers in return for basically zero environmental improvement.

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14. Naturally, Big Labor gets its piece of the pie, too. Projects receiving grants and financing under Waxman-Markey provisions will be required to implement Davis-Bacon union-wage rules, making it hard for non-union firms to compete — and ensuring that these “investments” pay out inflated union wages. And it’s not just the big research-and-development contracts, since Waxman-Markey forces union-wage rules all the way down to the plumbing-repair and light-bulb-changing level.

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50. Waxman-Markey dumps money into questionable “partnerships” and grants to study “emerging careers” in “renewable energy, energy efficiency, and climate change mitigation.” The first career to emerge, of course, will be managing grants to study emerging careers.

H/T: Pundette.