RIDER COMMENT: California’s first AB32 “Cap-and-trade” auction raised only a fraction of the revenue Democrats projected the auction would bring in for the state (see SAC BEE article below).
This story didn’t make any waves. It should have. The billions that CA Democrats hope to gain from cap-and-trade auctions are largely illusionary dollars.
This “disappointing” auction result is a classic demonstration of the law of supply and demand. Many businesses have little use for such CA “pollution” credits if they are leaving the state — or at least have no plans to further expand in the state.
BTW, the dirty little secret about “cap and trade” is that it is racist elitism. The businesses most hurt by AB32 are companies that make tangible goods — hiring blue collar labor to do the work. It is these industries that frequently offer the best jobs to black and Hispanic minorities. Liberals don’t care.
Progressive elitists picture themselves working in clean “green” jobs in office parks, with benefits packages rivaling Google, or even government workers.
Go to any environmental activist meeting touting AB32 (I have, I’ve debated there), and you’ll find proponents are OVERWHELMINGLY white and Asian. Almost no blacks or Hispanics. These smug activists — “comfortable in their own skin” — do NOT like to hear that their haunty disdain for “dirty” industries results in disproportionate harm to blue collar minorities.
First cap-and-trade auction a bust for California budget
PUBLISHED THURSDAY, NOV. 22, 2012
State environmental leaders this week hailed California’s first auction of carbon emissions credits a huge success.
But budget writers are hardly thrilled.
A low price for credits and minimal demand for future offsets suggest California will see a tiny fraction of the $1 billion that Gov. Jerry Brown and lawmakers estimated the state would receive this fiscal year.
. . .
To read the rest of the SAC BEE story, and the comments, go to the link.