Not that I want to be contrarian, however, we have just discovered thru fracking, huge reserves of oil and natural gas. We are not about to go broke. That said this continued spending is irresponsible at best. The interest on our debt could easily consume all the oil reserves and then some if we were to cease being the reserve currency.
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Not that I want to be contrarian, however, we have just discovered thru fracking, huge reserves of oil and natural gas."
Fracking is great, but profit-wise, fracking plays don't last long. Petroleum and gas derivatives are also being exported. Another truth that we're distracted from is that of hundreds of millions of new drivers in developing countries over the years to come, more foreign manufacturing increases, more foreign trade going around us between pairs of foreign countries, the decline of the dollar reserve status, etc.
As for energy exports saving the whole economy, see impoverished, developing countries that run mainly on energy and agriculture exports without much domestic manufacturing (also see the recent U.S. propane debacle). I agree with you, though, on the excesses of big government spending (especially frivolous federal funding to locales) and don't see the world ending soon. But we're looking at much poorer times ahead, more of the middle class being laid off, etc.
Shale, the Last Oil and Gas Train: Interview With Arthur Bermanhttp://www.freerepublic.com/focus/f-news/3130862/posts