That headline has been in multiple places the last several days. The International Energy Agency report says that the U.S. will be the leading energy producer by 2020. The result will be a new level of prosperity, manufacturing resurgence and energy security.
However that is only if it is allowed to happen. That sounds quite cynical. The reality is that the level of regulation from multiple government agencies act as enormous entry barriers to the creation of wealth and jobs. The electricity futures market is trading at prices above today’s rates because of the expectation that the EPA is going to close coal fired power plants. This will put miners out of work, raise costs for consumers and put American manufacturing at a further disadvantage to our overseas competitors.
The real unemployment rate is over 11% if we were to count all the workers from 2008 that have dropped out of the market after four years of stagnant growth. Where are our priorities?