Editorial: California’s cap and ‘invest’ scheme lets lawmakers spend foolishly

The Legislative Analyst’s Office’s review of the state’s now-named “Cap and Invest” program (formerly “Cap and Trade”) reinforces what critics have long argued. It provides politicians with a slush fund to spend on virtually anything vaguely climate-related. It has funded electric vehicle incentives and a high-speed rail project that — at least during the construction phase — boosts the release of pollutants. But now it’s just using the funds to backfill other budget items.

California’s program was the brainchild of Republican Gov.