As Barack Obama’s signature health insurance program implodes, some observers are speculating that regulatory action on climate change could afford the beleaguered president a second chance at establishing an enduring policy legacy. Unfortunately, Obama’s climate policies, like his health care policies, highlight his fondness for centralized economic planning. The president unveiled his “new national climate action plan” at Georgetown University last June. The plan aims to cut U.S. greenhouse gas emissions by 2020 to 17 percent below their 2005 levels. In his speech, the president noted that he had urged Congress to adopt a “bipartisan, market-based solution to climate change.”...
