Rassmussen Reports suggest that public understanding of cap and trade is pretty low:

The gap between Capitol Hill and Main Street is huge when it comes to the so-called “cap-and-trade” legislation being considered in Congress. So wide, in fact, that few voters even know what the proposed legislation is all about.

Given a choice of three options, just 24% of voters can correctly identify the cap-and-trade proposal as something that deals with environmental issues. A slightly higher number (29%) believe the proposal has something to do with regulating Wall Street while 17% think the term applies to health care reform. A plurality (30%) have no idea.

Democrats are pushing the legislation on Capitol Hill, but Democrats around the country are a bit less likely than Republicans and voters not affiliated with either party to know that the concept has something to do with the environment. . .

Sixty-nine percent (69%) say health care issues are more important while just 15% say global warming is a higher priority.

While the public view is clear, opinion among the Political Class is more evenly divided: 45% say health care is more important while 38% name global warming. Seven percent (7%) of Americans belong to the Political Class, and another seven percent (7%) lean in that direction.

Would a greater level of public understanding of cap and trade lead to more or less support? What does it mean that more Republicans than Democrats understand the phrase? Does it matter if the elite out ahead of the public?