Larry Kudlow drops a mega-bombshell in his blog regarding John McCain's support of a cap-and-trade system to limit carbon emissions:
After writing favorably about Sen. McCain's recent economics speeches, where he clearly shifted toward the supply-side both on tax cuts and producing more energy, I went back last evening and carefully read his 15-page policy pamphlet called "Jobs for America." Here's what I found: There is no mention of cap-and-trade. None. Nada.... So I picked up the phone and dialed a senior McCain official to make sure these old eyes hadn't missed it. Sure enough, on deep background, this senior McCain advisor told me I was correct: no cap-and-trade. In other words, this central-planning, regulatory, tax-and-spend disaster, which did not appear in Mac's two recent speeches, has been eradicated entirely—even from the detailed policy document that hardly anybody will ever read.... Even though a McCain presidency might resurrect cap-and-trade, it will be a much different format. More important, the campaign is cognizant of the conservative rebellion against it. That's enough for me.
Me: McCain's support for cap-and-trade was really the last obstacle preventing him from giving Americans a clear-cut choice on the energy issue. Barack Obama is for making Americans pay more for energy in an effort to fight climate change; McCain wants to make energy more affordable. At the same time, McCain can say he's for reducing carbon emissions and energy independence by focusing on technology and innovation (and more drilling in the short term) as solutions rather than costly and growth-killing regulations. So what will Americans care more about, global warming or jobs? I don't think that's much of a contest these days, especially when 60 percent of us think the global economy is in a recession. (As I write this, I am listening to the theme from Band of Brothers. Maybe this will be McCain's Bastogne moment, a critical turning point for his campaign.)