U.S. Doesn't Need Washington for Economic Stimulus
From Slate Articles
December 27, 2012 - 1:07pm
America doesn’t need Washington for an economic stimulus. President Barack Obama lobbied Congress for a $50 billion investment in infrastructure as part of the fiscal cliff battle, but it’s been stymied by gridlock. A contentious corner of the energy industry is having much more success, though. Shale gas and oil production pumped three times that amount into the economy in 2012, with more to come. It won’t cure America’s ills, but it should ease the pain.
Fracking, the drilling technique used to extract oil and gas from shale rock, is still controversial due to fears about its potential damage to the environment. There’s much less uncertainty about its impact on the economy. Like a chunky federal stimulus, it’s shoveling money into the pockets of consumers, boosting job creation and bolstering the fiscal fortunes of the states.
For a start, consumers saved some $107 billion ...
Continue reading this article »
Share This Article: