President Obama supports job creation, economic growth and revenue generation – except when he doesn’t.
Official announcements from his Labor Department reported that the nation’s February unemployment rate is still 8.3 percent. That’s a decent decline from previous months. But the reality is far worse.
Most of that job growth was in business and professional services, and half was temporary. Millions of Americans are working part-time or multiple low-wage jobs to make ends meet. Overall, 23.5 million are out of work or underemployed.
Factor all that in, and the real unemployment rate is 14.9%, according to University of Maryland economist Peter Morici. Worse, many of the 8.3% jobs are government workers (police officers, fire fighters, teachers and bureaucrats), paid for with “stimulus” and other tax revenues taken or borrowed from hard working private sector companies and employees, and their children and grandchildren.
Making matters still worse, regular gasoline prices have hit $4 in numerous cities – compared to a national average of $1.61 on December 31, 2008, three weeks before President Obama took office.
Thankfully, we could reduce these intolerable numbers dramatically, if President Obama would just stop currying favor with environmental extremists, and start supporting energy policies that benefit all Americans – policies that use real American energy to create real American jobs.
The answer to our job shortage, energy shortage, and soaring gasoline prices is the same. Extract more oil and natural gas from deposits under our land and offshore areas. Bring more oil to the U.S. from Canada via the Keystone XL pipeline.
Manufacture more fuels in American refineries, to power American cars and trucks, and to sell abroad to preserve jobs and lower our trade deficit. Reduce the excessive, oppressive regulations that federal bureaucrats are imposing on our energy industry.
According to a March 2012 World Economic Forum report, the U.S. oil and gas industry created 37,000 direct jobs and 111,000 indirect jobs in 2011. That’s nearly one out of ten jobs created nationwide last year – and they didn’t need any Solyndra, Fisker, Sapphire or Solazyme subsidies.
A January 2012 Wood Mackenzie study found that 530,000 more jobs could be created if American companies were allowed to explore and drill for oil and natural gas in some of the areas that are now off-limits. The study says this would generate $150 billion in increased government taxes and fees by 2025, and expand domestic production by 4 million barrels of oil equivalent a day, greatly reducing our dependence on Middle Eastern oil.