January 16, 2011

Victor Davis Hanson Does Econ

Filed under: Economy,Taxes & Government — Tom @ 9:13 am

And does it well, as would be expected:

Obama in 2011 has a rendezvous with $4 a gallon gas and $100 a barrel oil. For two years, the administration has shut down new leasing of fossil fuels in the West; curtailed them in and around the Gulf; pontificated about, but not acted much on, nuclear power; and more or less unleashed everyone from Van Jones to Steven Chu to talk up global warming and talk down finding a necessary window of security in new sources of oil, natural gas, coal, and nuclear power until technology and the market transition us to next-generation fuels.

The worldwide recession gave Obama two years of relatively cheap oil and gas, a breathing space which unfortunately he used to fantasize about wind and solar, rather than rush to create expanded sources of tried energy. That tab is coming due. “Drill, baby, drill” was not Sarah Palin’s mythmaking. We forget that what sunk the McCain campaign was the September 2008 meltdown that not only raised specters of a 1929 crash, but soon crashed oil prices as the world went into deeper recession — and gave Obama between 2009-10 relatively cheap gas at the pump and thus a buffer to his otherwise disastrous Keynesian policies.

How easily we forget that the stage was set for an incipient recovery in December 2008 … until Barack Obama and Congress began “stimulating,” thereby extending the recession and creating a virtually jobless post-recession period that doesn’t deserve the term “recovery.”

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1 Comment

  1. We forget how the recovery was already in its nascent stages in Jan. ’09–only a few months into “the worst economy since The Great Depression”– until it was smothered in the crib by the leftists.

    Comment by Joe C. — January 17, 2011 @ 8:07 am

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