The White House confirmed this morning that President Obama will be traveling to Copenhagen to promise the world dramatic cuts in U.S. greenhouse gas emissions. The President plans to promise a 17-percent reduction in emissions, compared to 2005 levels, a figure derived from the House version of the cap-and-trade bill. Among its many flaws, the bill, which has stalled in the Senate, would allow the president to impose carbon tariffs on imports from countries that have not reduced emissions.

New health care video from ReasonTV

Despite the decision of 60 senators to move the Reid health care bill forward, support among the American public is at the lowest level yet measured in nearly two dozen tracking polls conducted since June. In fact, the senate’s 60-39 vote almost mirrors the OPPOSITION to the bill among the public (56% oppose while only 38% support the plan).

During the financial disaster on Wall Street a year ago, politicians, economists, and pundits became obsessed with the term “moral hazard,” which occurs when a person, corporation, or other entity makes riskier choices because the consequences have been artificially manipulated. The Wall Street bailout created a moral hazard because it shielded financial institutions from the consequences of their actions. If a corporation knows it would be rescued by the government after making bad decisions, it has fewer incentives to change behavior or learn from mistakes.