Following the financial crisis in 2008 we flushed a trillion dollars in stimulus money through the bowels of the federal
That's right, and we spread it all over the country and waited for the green sprouts to grow. Sadly, none of the manure produced by the federal government's over-priced stimulus programs grew squat. So, again, what accounts for what little growth we do see in the economy?
Oil and gas extracted from tight shale formations all over the country.
That's it in a nutshell.
The smart-drilling shale ecosystem now contributes some $400 billion a year to the U.S. economy according to economists at Purdue University. Over the past five years alone this sector has also attracted over $200 billion in foreign direct investment into America according to the Energy Information Administration (EIA). For context, two percent GDP growth adds $330 billion a year to the U.S. economy. Now do the math. Shale technology has kept America out of a recession. It has also indirectly and directly “created or preserved” -- to borrow a political phrase -- millions of jobs.
American workers are building infrastructure for the hydrocarbon extraction, transportation and processing industries. They are erecting new steel mills for underground pipes, manufacturing thousands of new rail cars and constructing 80 major pipeline projects right now (not counting the Keystone XL from Canada.) Refineries are being expanded everywhere. Even shipyards are booming with over two dozen supertankers being built right here in the U.S. All of this is genuinely “shovel ready” and subsidy-free.
And there’s more. A renaissance in America’s energy-intensive manufacturing from plastics to fertilizers is underway. In a remarkably little-noted report this past summer the American Chemical Council catalogued 100 chemical industry investments valued at over $70 billion coming on-line by 2017 that will create over one million jobs and add over $300 billion annually to the GDP.Nothing frees the poor from the shackles of poverty like cheap energy. And nothing shackles them more tightly to poverty than government entitlement programs. Like *cough* Obamacare.
So.... read the whole thing and
Drill Baby Drill!
James L. Salmon, Esq.
300 Pike Street
Cincinnati, Ohio 45202
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