Obama also used what has become the new Democratic buzz word "manufactured crisis." The truth is that what created this is Washington's insatiable appetite to spend. Tim Geithner, who set the date of August 2, still does not get it. Blaming the debt ceiling debate on the recession is like trying to blame the flight of a mosquito for creating a hurricane. He had other excuses like when he said that, "In the last few months, the economy has had to absorb an earthquake in Japan, the economic head winds coming from Europe, the Arab spring and the rise in oil prices, all of which have been very challenging for the recovery." So yes, this was a manufactured crises. Manufactured by Obama and his administration who passed a healthcare bill no one understood or even read, and moved to the largest regulation over-reach in our nation's history. Their lack of understanding of what actually caused the financial crises in the first place is utterly astonishing. Obama wants to raise taxes on energy which accounts for 7% of our nation's GDP and energy has been begging to add jobs but are thwarted at every turn by Obama and his cohorts. Raising taxes on the energy industry will force more layoffs in an industry that may face declining demand.
Shale gas could be part of our nation's energy answer! Instead of Obama standing in the way of real progress, the energy industry should be allowed to expand in areas where actual answers for our nation's energy independence may lie. Raising taxes will only have the unemployment lines grow longer and make any recovery further away. Let our energy industry create the real energy source of the next generation and not throw hard earned tax dollars at pet people and pet projects of the Obama administration used only to secure more votes. Obama and his cohorts are piling onto the energy industry while they are showing signs that they are not recession proof. If the government does not get off the energy industries back they will shed jobs instead of adding them. In fact due to weakening demand tanker rates are declining. Some are scrapping tankers and will melt them down from parts. Why try to sink the one industry the that is begging to create high paying jobs.
Phil Flynn is senior energy analyst for PFGBest Research and a Fox Business Network contributor. He can be reached at (800) 935-6487 or at firstname.lastname@example.org.