Economic rhetoric: Heating up the energy independence debate
The Democrats would like the American public to believe that the economic problem plaguing American citizens is an American problem, created by American politicians with failed American policies. But can you guess who said this?
We have a credit crunch the like of which we haven’t seen in generations. We have it at the same time as oil and food prices are going up. But I also am clear that the fundamentals of our economy are strong. We will do whatever is necessary to help people and to help the economy through what are undoubtedly unique circumstances.
This could be Barak Obama. But it’s not.
Global issues impact the world economy. Just ask Alastair Darling, UK Chancellor of the Exchequer. In an interview with the Guardian newspaper on Saturday, Darling said the economic difficulties the U.K. is facing “are arguably the worst they’ve been in 60 years … And I think it’s going to be more profound and long-lasting than people thought.”
With food and oil prices rising rapidly in the UK, the government is scrambling for politically expedient solutions to stave off public criticism.
Hmmm…imagine that…potentially a world recession…
Just how should American politicians respond to the growing global economic threat?
How about fewer taxes, less spending and focused attention on growing the US economy? Apparently, these things really work.
During the second quarter, the US economy grew at an annual rate of 3.3%, exceeding the preliminary estimate of 1.9% released by the Bureau of Economic Analysis. According to the BEA report released August 28, 2008,
The acceleration in real GDP growth in the second quarter primarily reflected a larger decrease in imports, an acceleration in exports, an acceleration in PCE, a smaller decrease in residential fixed investment, and an upturn in state and local government spending that were partly offset by a larger decrease in inventory investment.
Over the next two months both the McCain and Obama campaigns will outline their plans to stimulate economic growth in the US. And at the forefront of that discussion, galvanized by the selection of GOP vice-presidential candidate Sarah Palin, should be energy independence, the very real means by which the US could improve its economic position in a time of global fiscal uncertainty.
More tomorrow…
September 3rd, 2008 at 12:20 pm
Concerning our Economic Threat, one thing that can be done, and should be started immediately, is to keep the energy dollar here. Start drilling now and develop other energy methods, concurrently.