“plan that has any real legs to turn the deficit into a surplus”
The ‘plan’ is for the Boomer generation to die. Which, of course, is happening.
Now, my generation is a huge deficit item on the government’s books- as once it was a huge surplus. Other nations don’t have that situation to look forward to.
The fracking money is indeed a boon. Ironic that like a third-world nation we have fallen upon trading our natural resources for finished goods. Hopefully we will find our way again soon.
The fracking money is indeed a boon. Ironic that like a third-world nation we have fallen upon trading our natural resources for finished goods. Hopefully we will find our way again soon.
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The thing about oil drilling most people don’t understand is that the first 150 years of oil drilling only got less than 10% of the oil available. That oil was all located under salt dome pockets that accumulated from massive deposits further below—ie the other 90% of the oil. What’s happened is that oil drillers are just now learning to get at the next 30-40% of the oil that’s available. So the world’s real oil reserve represents hundreds of years worth of oil. That doesn’t count oil shale kerigen rocks or undersea frozen methane hydrates —each of which represent a 1000 year supply of energy. (The technology to economically extract them is still another 10-15 years away. But that will happen.)
The basic blocking and tackling of any civilization is that they have to produce their own water and energy. The five decade decapitalization of the USA is now going into reverse.
For people who don’t like carbon dioxide—this oil/gas fracking revolution will still provide the capital cushion and time to allow the USA to develop the energy sources of the future that will provide much cheaper and more abundant sources of power and water— and provide the springboard for space exploration later in the century.