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High cost, small benefits from cap-and-trade

"Scientists agree that CO2 emissions around the world could lead to rising temperatures with serious long-term environmental consequences. But that is not a reason to enact a U.S. cap-and-trade system until there is a global agreement on CO2 reduction," wrote Harvard University economist Martin Feldstein. "The proposed legislation would have a trivially small effect on global warming while imposing substantial costs on all American households."