Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

4/24/2014 (2 years ago)

Catholic Online (www.catholic.org)

Successful exports of energy has helped nation catch up

"Claims that President Barack Obama is bankrupting America with a lurch towards hard-Left statism are for tabloid consumption only," Columnist Ambrose Evans-Pritchard with The Telegraph writes. In a world littered with bad economic news, the proof is becoming clear: Not only has America addressed its ongoing debt, it has made inroads on whittling down on what it owes in record time. 

What's turning the tide is the fact that the U.S. energy revolution, with oil booms reported across the Dakotas, Wyoming, Nebraska, Washington, Oregon, Utah and Texas.

What's turning the tide is the fact that the U.S. energy revolution, with oil booms reported across the Dakotas, Wyoming, Nebraska, Washington, Oregon, Utah and Texas.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/24/2014 (2 years ago)

Published in Business & Economics

Keywords: Debt, energy boom, United States, stabilization


LOS ANGELES, CA (Catholic Online) - Americans, contrary to global belief, have become increasingly more responsible. Spending by the U.S. Federal government has seen the steepest decline since the34 demobilization after the Second World War.

Outlays have fallen from 24.4pc to 20.6pc of GDP in five years and spending is roughly in line with its 40-year average. All of this has been accomplished without driving the economy into recession or a "Lost Decade."

Check out our fine selection of Bibles -- by going here!

The U.S. Congressional Budget Office expects the budget deficit to drop to 2.8pc of GDP this year, and 2.6pc next year. The secret is that the U.S. economy is expanding fast enough to outgrow its debts.

What's turning the tide is the fact that the U.S. energy revolution, with oil booms reported across the Dakotas, Wyoming, Nebraska, Washington, Oregon, Utah and Texas.

It's estimated that shale gas and oil have given the U.S. economy an extra tailwind worth 1.9pc of GDP - what Francisco Blanch, from Bank of America, calls the "energy carry," with effects rippling through the chemical and plastics industries. New investments in ammonia plants are rising at an exponential rate, thanks to natural gas prices that are $4.40 in the U.S. and $15 on Asia's spot market.

The U.S. transferred more than $3 trillion to oil exporters from 2001 to 2008, but no longer. The U.S. is back to where it was in 2000 with an energy deficit well below 2pc of GDP and improving every month, while the eurozone is at -4.4pc and getting worse, and Japan is at -6.3pc.

In addition, the U.S. has added 2.5 million barrels a day of crude output over the last three years, almost as much as the next three countries combined. America covered a quarter of its oil needs in 2007. It covers well over half today and has overtaken old global rival Russia to become the world's biggest exporter of refined petroleum products, and will soon be an exporter of liquefied natural gas as well.

The U.S. has been losing part of its industry with each recession. A new study by the International Monetary Fund, however found that the pattern has been very different this time. Manufacturing has recovered quickly, led by machinery, computers and electronics. America's global share of manufacturing has stabilized at 20pc.

The other half of the story is monetary stimulus a l'outrance - quantitative easing - to offset fiscal tightening and prevent a "pro-cyclical" downward spiral, which is what occurred when the European Central Bank jumped the gun and raised rates twice in 2011 before recovery was entrenched, setting off the disastrous crisis that nearly destroyed EMU in mid-2012.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2016 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for May 2016
Universal:
Respect for Women: That in every country of the world, women may be honored and respected and that their essential contribution to society may be highly esteemed.
Evangelization: Holy Rosary: That families, communities, and groups may pray the Holy Rosary for evangelization and peace.



Comments


More Business & Economics

Obama brags in face of economic failure Watch

Image of The Obama administration claims the economy is thriving - but what is REALLY going on (TPNN)?

By Kenya Sinclair (CALIFORNIA NETWORK)

We all know "that guy." You know the one - the guy who is obsessed with conspiracy theories and who swears the government is out to get us. Well, according to newly released economic data, "that guy" might be (partially) right. LOS ANGELES, CA (Catholic Online) - U.S. ... continue reading


Yes, there's definitely something wrong with millennials, and here's what it is! Watch

Image of As far as millennials are concerned, the American dream is just that -- you have to be asleep to believe it.

By Marshall Connolly (CALIFORNIA NETWORK)

Across the country, the news is shocking. Over half of the millennials think socialism might be a good thing. Most of them believe the American dream is a myth, and public perception is that something is wrong with them. Why do they just want "free stuff?" LOS ANGELES, ... continue reading


Billionaire Soros warns China is near economic collapse Watch

Image of China's economy may be heading for trouble.

By Marshall Connolly (CALIFORNIA NETWORK)

Billionaire George Soros is sounding the alarm, China is about to go down and the rest of the world could follow. According to Soros, there is a major resemblance between China now and the United States in 2007-2008 just before the U.S. economy entered the Great ... continue reading


IRS issues dire warning before Panama Papers crackdown begins Watch

Image of The Panama Papers detail the tax evasion schemes of thousands of wealthy people around the world.

By Marshall Connolly (CALIFORNIA NETWORK)

The IRS has issued a warning to the rich who have been hiding money offshore - come clean now, before we catch you ourselves. The warning follows the leak of over 11 million pages of documents that detail the private, often hidden financial moves of wealthy people ... continue reading


Obama's Saudi masters order him not to sign 9/11 bill Watch

Image of It's not about the victims, it's about the Saudis.

By David Drudge (CALIFORNIA NETWORK)

Saudi Arabia is about to escalate their economic war with the United States should Congress pass a law that will allow victims of the 9/11  terrorist attacks to sue foreign states. The Obama administration opposes the bill and is lobbying against it. LOS ANGELES, ... continue reading


You won't believe how California's rich spend their money! Watch

Image of Top 1 percent pays nearly half of all California taxes (istockphoto).

By Kenya Sinclair (CALIFORNIA NETWORK)

When you think of California, images of sandy beaches, sun-kissed skin and Hollywood stars flash through your mind - and you're not wrong! California's rich enjoy all the sunny state has to offer - but at what cost? LOS ANGELES, CA (Catholic Online) - According to ... continue reading


Tesla KILLS American car industry in just 3 days. GOOD! Watch

Image of The Tesla Model 3 will sell for an average price of $42,000. Subsequent competition and models will reduce future prices even further.

By Marshall Connolly (CALIFORNIA NETWORK)

Tesla has blown away all predictions, selling over 276,000 pre-orders of their affordable Model 3 electric car, within 72 hours of going live. The massive public interest reveals a major shift in public preferences and should send shockwaves through the auto industry. ... continue reading


You won't believe what JUST happened to Walmart! Watch

Image of What does Walmart's revenue drop mean (WalmartDid).

By Kenya Sinclair (CALIFORNIA NETWORK)

The discount giant has received its first dip in revenue since its inception in 1996. Can the drop signify the beginning of the end? LOS ANGELES, CA (Catholic Online) - The digital age has marked a permanent shift in the way humanity perceives the world.One smartphone ... continue reading


Why Democratic Socialism is coming to America, whether you like it or not, and what you can do about it (but won't) Watch

Image of Presidential hopeful Bernie Sanders is a self-described democratic socialist. His movement is popular with millennials who are coming of age.

By Marshall Connolly (CALIFORNIA NETWORK)

America is in more trouble than people realize and here's why. The middle class is becoming poor, and as the ranks of the poor grow, our national politics will change. LOS ANGELES, CA (California Network) - The United States is changing and many people are having a ... continue reading


You'll never believe what the U.S. government is doing with $917 billion Watch

Image of How much do YOU owe (Shutterstock)?

By Kenya Sinclair (CALIFORNIA NETWORK)

How often do you swipe your credit card without considering your credit limit? When you don't have funds in your checking account, do you turn to credit cards to cover groceries, outings or bills? Have you considered what that credit card debt can do on a larger scale? ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • The gruesome way scientists are killing unborn babies in school ...
  • Daily Reading for Monday, May 9th, 2016 HD Video
  • The Feast of the Ascension is the Portal to Eternity
  • Bl. Edward Jones: Saint of the Day for Friday, May 06, 2016
  • Daily Readings for Friday, May 06, 2016
  • Daily Reading for Tuesday, May 10th, 2016 HD Video
  • 'The doctors were shocked': Conjoined twins share unusual bond

Daily Readings

Reading 1, Acts 18:9-18
9 One night the Lord spoke to Paul in a vision, 'Be fearless; speak out ... Read More

Psalm, Psalms 47:2-3, 4-5, 6-7
2 For Yahweh, the Most High, is glorious, the great king over all the ... Read More

Gospel, John 16:20-23
20 'In all truth I tell you, you will be weeping and wailing while the ... Read More

Saint of the Day

Saint of the Day for May 6th, 2016 Image

Bl. Edward Jones
May 6: Blessed Edward Jones and Anthony Middleton, ... Read More