Grand unified theory of everything

A quick thought on Brad DeLong's post on fiscal austerity and link to post on EPA regulations on carbon emissions. The Obama Administration would solve a number of problems in a couple of fell swoops if it (1) had the EPA draw up a state-level cap-and-trade system for carbon emissions to be phased in beginning in say 2012; (2) introduced legislation imposing a carbon tax phased in beginning in say 2012, with the proviso that proceeds would be used first for reducing the budget deficit, and offset by a payroll tax reduction only if the deficit was under control; (3) sell a bunch of gold to the world's insatiable gold bugs and use the proceeds to pass a "clean jobs bill" focused on teachers, cops, firefighters, and oil spill cleanup. We'll get BP to reimburse us for the cleanup later, if they've got any money left.