No More Stimulus Spending Required

The federal debt and deficits continue to grow to inconceivable heights.   Most economists agree we are headed straight to disaster. The unemployment rate stands at a whopping 9.2% two years into the economic "recovery."  There is a solution without more stimulus spending.

In a report issued by the Congressional Research Service (CRS) in November 2010 it is estimated that America's fossil fuel resources are the largest of any country on earth. The fact is our resources eclipse those of Saudi Arabia, China and Canada combined.

The report estimates that the United States has enough oil to replace what's imported from the Persian Gulf at current rates for 50 years, enough natural gas for 100 years and enough coal for 200 years at current consumption rates.

In America we  consume about 25% of the world's oil. As domestic production has fallen, the amount of oil imported has gone from 10% in 1970 to more than 66% in 2007. The amount imported is estimated to grow to 70% to 75% by the middle of this decade.

In 2007, we imported 3.66 billion barrels. At today's prices, that amounts to about $348 billion and growing sent overseas every single year.   That money could be going into our economy instead of  less than friendly OPEC nations.  We are also vulnerable to supply disruptions, which are a real possibility given the recent instability in the Middle East.

How many tax paying jobs can be created drilling for oil and natural gas?  Add the jobs from higher coal production.  How many more tax paying jobs making oil rigs, pipe lines, and refineries?

None of these jobs cost the federal government any money.  These jobs would bring in payroll taxes and taxes from the business. 

America can become energy independent which improves our national security.  Energy independence would greatly enhance our balance of trade and strengthen the dollar.

This can be done and done environmentally friendly. 

We can see an economic improvement immediately if Barack Obama and his administration would eliminate the red tape and roadblocks they have in place to prevent it from happening.

If Barack Obama truly wants a thriving economy then he can do it with one executive order.  It would circumvent his socialist agenda for America though.

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