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Reflect upon the dire budget situations across Europe and the inability of even the worst off countries to commit to serious policy changes. Reflect upon the fact that the United States is unable to even propose a budget, much less pass one, that takes a stab at the deficit and long-run entitlement conundrum. Now ask yourself this question: which problem is more immediate and severe, global warming or sovereign default?

Given the way that the budget and entitlement reform process has gone, does anyone have any confidence that Congress and the President will do anything about global warming in their lifetime? I don’t mean this to be optimistic. Indeed, I fully expect any global warming policy we get to be snuck in through the back door of various court rulings and regulatory agency directives. With $4.00 gasoline today and over 9% unemployment, the silence on our environmental crisis has sure been deafening.

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