I didn't post the entire editorial. WSJ also said the following:

"When cap and trade has been used in the past, such as to reduce acid rain, the allowances were usually distributed for free." WSJ's major objection to this boondoggle is that this time the allowances are to be "auctioned off" to covered businesses thereby imposing an upfront tax -- a gigantic new windfall for Congress to then spend as it saw fit. It would impede growth and reduce employment.

And any costs to businesses are naturally going to be passed on to the consumer -- can you say $10 per gallon gasoline?

Barbara