Senators Lieberman, Graham, and Kerry have come forward with a bold, new proposal on global warming… or not.

Here is Senator Lieberman’s description of the “new” proposal:

“You remember the artist formerly known as Prince?” Lieberman said. “This is the market-based system for punishing polluters previously known as ‘cap and trade.’ “

Who will be punished under this re-badged clunker? The Center for Data Analysis estimated that cap-and-trade legislation will cost the economy $7-9 trillion in lost national income and lead to millions of lost jobs (even after credit for any green jobs).

Household energy prices will rise 50-90 percent. Average farm profits will drop over 50 percent. Manufacturing is especially hard hit, losing jobs at a rate 4.4 times that of the economy overall.

Senator Lieberman has been refreshingly clear that this bill is intended to punish. But it is American families, farmers, factories and more who will suffer the pain.

A new name for a bad policy is a bad idea.