Introduce an ETS, and socialise the resulting losses to the tune of $400 mil pa. Muggins the taxpayer will pick up the tab. Not a bad start, but that's not all. George Darroch writes in a comment over at the Dim Post:
The real kicker is the 100% subsidy we are paying farmers until 2015, and the 90% subsidy we are paying them after that. At current prices and emissions levels (ie. a conservative estimate for 2015) that works out to over $820 million per year.
I think it's worth pointing out here that Michael Cullen at least had a rail network to show for the billion of our cash that he handed over. What's John Key going to have to show for the billion per annum of our dosh that he's planning to biff at this scam? A fine suit of new clothes that's invisible to the stupid, perhaps?