Can we grow our way out of debt?
Almost certainly IF we utilize the resources provided in our great country. We are slowly becoming energy independent in spite of an administration and special interests who seem intent on destroying our economy.
Why do I say almost? This current administration seems intent of regulating us right into the poor house. They continue to advance regulations on our coal fired power plants that make them uneconomical, even impossible to achieve the goals they put forward. This ins spite of the fact that our coal fired plants emit far less pollution that those in the rest of the world. Do they really think they can stop coal from being burned when it is by far the cheapest source of electrical power? If they do, they’re crazy. That coal will be burned and if it is burned outside of the U.S. pollution will be increased.
They seem desperate to put stifling regulation on fracking even though there is no proven evidence of harm from this vital technology. This is worse than the regulations on coal. Even with their regulations, that coal will become a source of energy. In the case of fracking, they threaten to actually reduce the supply simply because the U.S. appears to be the worlds largest source of energy that can be released by this technology. Stifling fracking will increase the cost of energy for the world, not just the U.S.
And consider this, if world fuel costs go up there will simply be less disposable income available to search for that new energy source that is needed to replace fossil fuels.
So, how do we save the planet? (I’m not at all convinced that man-made carbon emission is to blame for the obvious climate change. On the other hand, we should pursue alternative energy sources. At some point in time those alternatives will become economical or necessary.)
Simply put it requires capital to search for and find economical alternatives. That capital can come from private sources or from governments. When it comes from governments, it by necessity removed from private hands. When it is removed from private hands the ‘market’ no longer drives development. Instead, bureaucrats decide what direction will be pursued. This is a formula for disaster. As every ‘central planning’ form of government has failed to serve their people, there is no reason to think that ‘central planning’ can successfully find an alternative energy source.
The ‘free market’ has been the most successful means of driving innovation and advancing our standard of living.
We must return to a form of government that encourages and rewards the ‘free market’. This is our only hope of getting out of debt and saving the planet.