Perhaps we should see what experience other countries have had with trying to implement cap and trade policies.Take Australia, for example, and Prime Minister Kevin Rudd's signature plan to put in place a cap and trade scheme for Australian businesses. This Wall Street Journal article reports on what has happened so far:It's turning out that the biggest problem with carbon taxes is political reality. Australian Prime Minister Kevin Rudd has just announced he will delay implementing his trademark cap-and-trade emissions trading proposal until at least 2011. Mr. Rudd's March proposal would have imposed total carbon permit costs (taxes) of 11.5 billion Australian dollars (US$8.5 billion) in the first two years, starting in 2010. This would have increased consumer prices by about 1.1% and shaved 0.1% off annual GDP growth until at least 2050, according to Australia's Treasury. Support has fallen among business groups and individuals who earlier professed enthusiasm for Aussie cap and...(Read Full Post)