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Shovel-ready stimulus

Posted by Richard on March 1, 2009

Investor's Business Daily can't understand why the Obama administration and Congress are moving quickly to prevent off-shore drilling when supporting more drilling should be a no-brainer for our purportedly "pragmatist" president. After all, there are lots of new jobs, new tax revenues, and economic stimulus out there:

Vast amounts of energy lie right off our shores. Conservatively tallied, government data show 86 billion barrels of oil and 420 trillion cubic feet of natural gas in continental U.S. waters — enough to replace 20 years' worth of oil and gas imports.

This is also enough to insulate the U.S. from a potential energy shock or 1970s-style oil embargo. But here's the great part for Obama: It's shovel-ready stimulus.

As noted in a recent study by the American Energy Alliance, an industry research group, developing our offshore energy resources would create in the coming years:

• $8.2 trillion in additional GDP.

• $2.2 trillion in total new state and federal tax revenues.

• 1.2 million new jobs at high wages.

• $70 billion in added wages to the economy each year.

All this for doing nothing other than letting oil companies do what they do best: Find and develop potential energy sources.

But they make money. Oil companies sometimes rake in big profits — can't have that.

And they produce carbon dioxide emissions. Algore says those are destroying the planet — can't have that.

And they create private-sector jobs which people take in order to serve their own needs and goals, rather than to serve the "public interest" — can't have that.

And they equip those getting the new jobs with self-sufficiency and independence instead of dependence on government — can't have that. 

The Prez has declared several times over the past few weeks that he wants to create "not just any jobs – jobs that meet the needs we’ve neglected for far too long" — specifically jobs that meet the need for more government workers, government projects, government funding, and government goals.

The Prez is one of those politicians who, in the words of Howie Rich, "rhetorically extol the virtues that once made this country great while they systematically remove brick-by-brick the incentives needed to make it great once again."

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