Global warming is the greatest issue facing civilization on the planet earth. Carbon dioxide is the biggest contributor to global warming. Recent CO2 levels are double the highest levels in the last 14 million years. Scientists have found that life existed on Venus many years ago. Today the average temperature on Venus is over 700 degrees Fahrenheit (400 degrees Celsius). Life on Venus ended.
Two different approaches can be used to stop the growth in CO2: (1) capitalism and the market economy and (2) regulations and tax incentives.
Capitalism and the Market Economy
Implementing carbon taxes produces an economic incentive to find solutions to reducing carbon emissions. The tax should begin at a low level, but increase every year until carbon levels decline. Carbon taxes have been effective in the few countries that have implemented them.
Regulations and Tax Incentives
Regulations require rules and people to administer those rules. They are costly to implement and have not provided adequate solutions. Tax incentives are expensive and add to the Federal deficit.
Here is an example of the change from regulations to capitalism: Eliminate the Federal subsidies on electric cars and implement a $0.50 per gallon increase each year for ten years in the Federal tax on gasoline.
Summary
The U.S. Congress is debating the necessary increase in the debt ceiling. Reducing tax incentives and adding carbon taxes would help reduce the Federal deficit. Various forms of life on earth have existed for 500 million years. Humans have existed for only 1% of that period. If we fail to stop global warming, life on earth will continue, but may not include human beings.
