In the New York Times, Greg Mankiw provides one of his characteristically clear treatments on climate change policy. If you substitute Obama for Rudd and congress for the Coalition, it could read like the Australian debate. Mankiw’s point is that the issue is not about a carbon tax versus cap and trade but about the distribution of the burden between business and households. In the US, he thinks they are going too far in the direction of business. In Australia, the Coalition wants to drag us even further that way.