During his 2008 campaign, President Obama made his support of climate-change interventions clear, stating that his presidency would slow the rise of the oceans and begin to heal the planet. He promised that a cap-and-trade system would curb global warming.
He was elected, but the electorate hasn’t liked many of his policies. Cap and trade never passed Congress. To this day, President Obama has remained comparatively popular, but people believe he is taking the country in the wrong direction—toward a European system. Even his Secretary of Energy, Steven Chu, believes our gasoline prices should be higher, like Europe’s.
Two weeks ago, my column addressed China’s act (ring #1) in the climate-change circus. Last week, I looked at Europe’s staunch support for climate-change intervention when the majority of the industrialized countries have rejected or resisted a Kyoto-style deal (ring #2). Using Italy as an example, I suggested that the country’s lack of natural resources made expensive renewable energy a viable option for them—though an economic tightrope destined to failure.