Keystone XL Pipeline:
Obama delays until after the election to keep the Sierra Club on his side.
This will be the last blog of the year.
The proposed Keystone XL pipeline to transport Canadian oil to American markets has been delayed thanks to the Sierra Club, the Obama enviros and Obama’s attempt to keep his base of voters happy. So much for “shovel ready projects”
There are numerous exploration successes in the U.S and new gas and oil finds could add another 1.6 million new jobs and add up to nearly $1 trillion in federal revenue. (Victor Davis Hanson Sunday December 11, 2011 Fresno Bee) The Obama green energy plans are not offsetting wind and solar to make up for less fossil energy development. The Obama group has stated that extending unemployment benefits and the payroll tax cut will create more jobs than an oil pipeline from Canada. Again, the Obama group is living in a fantasy land and most of their voters are just plain uninformed.
California is seeing many of its companies leave or cut back its employee roles. Try and convince Governor Brown that his theories on green house gas and carbon dioxide poisoning is an unsubstantiated whacked out hypothesis that he defends.
California needs to reduce its high unemployment, its total non-farm payroll was still more than 1 million below the pre-recession peak. Texas on other hand nearly made up its job loss. California needs a better business climate and less regulations.
By the way, here comes Harry Reid stating that rich people do not provide jobs-it is a myth. Who are the investors with capital that build American business and jobs? Harry Reid is a myth and he is a US. Senator.
Finally, it is always nice to remind the liberals that want to raise taxes as their only solution. In 1962, in remarks to the Economic club of New York 12/15/62. Courtesy IBD 11/28/11) President John Kennedy said in his address the following: “the most direct and significant kind of Federal action aiding economic growth is to make possible an increase in private consumption and investment demand – to cut the fetters holding back private spending…If government is to retain the confidence of the people, it must not spend more than can be justified on grounds of national debt or spent with maximum efficiency. The final and best means of strengthening demand among consumers and business is to reduce the burden on private income and the deterrents to private initiative which are imposed by our present tax system. Corporate tax rates must also be cut to increase incentives and the availability of investment capital…Next year’s tax bill should reduce personal as well as corporate income taxes: for those in lower tax brackets, who are certain to spend their additional take home pay, and for those in the middle and upper brackets, who can thereby be encouraged to undertake additional efforts and enabled to invest more capital…I am confident that the enactment of the right bill next year will in due course increase our gross national product by several times the amount of taxes actually cut. Profit margins will be improved, and both the incentive to invest and the supply of internal funds for investment will be increased. There will be new interest in taking risks, in increasing productivity, in creating new jobs and new products for long term economic growth…Our true choice is not between tax reduction, on the one hand, and the avoidance of large federal deficits on the other…it is a paradoxical truth that the tax rates are too high today and the tax revenues are too low, and the soundest way to raise the revenues in the long run is to cut the rates now. This country’s own experience with tax reduction in 1954 has borne this out. The reason is that only full employment can balance the budget, and tax reduction can pave the way to that employment. The purpose of cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy that can bring a budget surplus.”
Happy New Year for 2012.
Gary E. Marsella