You can put foreign workers to work, and pay money into foreign treasuries, or you can put US workers to work and pay money into US tax bases and into the US economy.
According to analyst firm IHS, $890 billion in new energy investment through 2026 could create as many as 1.1 million new, high-paying jobs, and increase the economic growth rate by 0.75% per year.
I think that understates it. Anything approaching energy independence, at least North American energy independence, would turn this economy around so fast your head would spin.
I think that understates it. Anything approaching energy independence, at least North American energy independence, would turn this economy around so fast your head would spin.
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Its likely that Obama will leave office in 2016—if he is not impeached before then — with a balanced budget.
Why?
The pubbies have mananged to stop the growth in federal government spending while added revenue from the oil patch and the stock market have raised revenues to the federal government by 200-300 billion annually for the last three years. There’s no sign that that trend is going to end.
Pretty much the same thing happened under clinton. newt kept the federal government spending from growing while the revenues to federal coffers from the stockmarket and the low gas cost economy fueled revenues to the federal budget. Clinton fought Newt tooth and claw to keep the federal budget growing, creamed newt for his efforts and then claimed a balanced budget for his legacy. Something that he had nothing to do with and fought tooth and claw to prevent.
Currently the 1 million barrel @ year increase in US oil production is putting a floor under the economy so that no matter how bad things are doing elsewhere the oil patch and related industries will still create and extra 2% annual growth by itself.