President Barack Obama’s proposed cap-and-trade system on greenhouse gas emissions is a giant economic dagger aimed at the nation’s heartland — particularly Michigan. It is a multibillion-dollar tax hike on everything that Michigan does, including making things, driving cars and burning coal.
Now, there is a lot wrong with Michigan. But if auto manufacturing is worth bailing out, why turn around and torpedo it with something like this? The only way that makes sense is if the bail-out money isn’t really about saving the auto makers as much as it’s about giving money to the right people.