There is one shred of hope for the future. Naturally, the Obama Administration wants to crush it.
If there’s been one consistent thread running through the U.S. economic story since 2008, it’s been the steady drumbeat of gloom.
Outright recession or sub-standard growth, stubbornly high unemployment and fiscal crises have been the topics du jour when it comes to the world’s biggest economy.
But now an unlikely champion for U.S. growth under the Obama administration has emerged — a former adviser to a Republican Party presidential candidate and Harvard history professor, Niall Ferguson, who says America could actually be heading toward a new economic “golden age.”
And it has nothing to do with Washington and everything to do with energy.
Hydraulic Fracking is an absolute game changer with the potential to produce centuries of low cost, abundant, low greenhouse gas producing energy making America energy independent.
Naturally, the Obama Administration is thinking about crushing this last, best hope for America.
The drilling process that has brought U.S. energy independence within reach faces renewed scrutiny from the Obama administration and an uncertain future in many states.
The completed EPA study won’t be finished until 2014, but the draft will provide an early indication to which energy path the Obama administration will take in the next four years.
Many in the energy sector, along with congressional Republicans, fear the report will paint fracking in a negative light and give the White House political cover for cracking down on it in the name of science, something environmentalists have hoped for since Mr. Obama came into office in 2009.