SYS-CON MEDIA Authors: Adine Deford, Cynthia Dunlop, Harry Trott, Xenia von Wedel, Peter Silva

News Feed Item

A 21st Century "Patriotic Energy Policy" is required to grow America's economy and reduce its "Light Years" of Debt

By Lawrence Kadish

OLD WESTBURY, N.Y., March 31, 2014 /PRNewswire-USNewswire/ -- As the White House slashes America's military budget and our influence proves irrelevant in Ukraine and other hot spots around the globe it is clear our economic policies have failed to grow our economy to create jobs and generate much needed revenue. This failure has resulted in budget deficits, increased debt and a loss of military strength. Our national debt has increased from approximately $11 trillion to $17.4 trillion over the last 5 years, and it's getting worse. Congress has just voted to lift the debt limit so that, together with our ongoing budget deficits, our nation will confront an $18 trillion debt within a few months.

This fiscal burden is so massive many observers and commentators have struggled to find words that allow us to understand its enormity. Some have described the national debt as going through the stratosphere, but it's far beyond that. It requires an astronomical calculation to reveal the magnitude of the crisis, computing the debt as a Light Year scientists use to measure the vast distances of outer space.

(Light travels at approximately 186,000 miles a second, or nearly 6 trillion miles a year, the definition of a "Light Year." Therefore, our $18 trillion debt would compute to be three Light Years. However, Washington has so severely abdicated its fiscal responsibilities that this crushing sum would be more accurately described as "Dark Years.")

Solutions that require political will

Solutions do exist but it requires political will and an appreciation that an unchecked national debt will profoundly damage our country, its future and the fate of our allies.

Ideologues claim higher taxes will solve our nation's debt burden, but that is a failed strategy. If the IRS were to tax all the richest Americans listed on the Forbes 400 at 100 percent and not just their income but their entire wealth, seizing and liquidating their assets would only account for about 15 months of budget deficits and resultant debt increases. Others lobby to continue monetizing our debt; essentially printing more currency and bonds, as a quick fix to cover budget deficits, a monetary policy that has created chaos within nations on five continents.

Fortunately, there are some who are sounding the alarm about this precarious debt threat. Former Florida Governor and potential Republican Presidential candidate Jeb Bush acknowledged during his recent visit to Long Island that we are in a slow motion economic collapse. This author was among those in the Long Island Association audience as Bush cautioned that the debt is unsustainable and implementing a strategy to tackle this destabilizing liability must become Washington's primary responsibility.

Bush observed that key to crafting a solution is acknowledging that American energy independence and reducing our debt are inseparable issues. Bush believes, "America needs a patriotic energy policy… that uses technology like hydrofracturing for the purpose of unleashing our domestic energy production."

Keeping our $300 billion in America

Strategic energy independence could break America's cycle of increasing debt and economic stagnation. Bush observes that although we have almost four times the amount of recoverable oil in oil shale than Saudi Arabia's proven oil reserves, we continue to send $300 billion dollars every year to oil producing countries, most of whom are either hostile to the United States or who support terrorism. He refers to analysis that finds just two states, Utah and Colorado, hold approximately 3 trillion barrels of oil in shale deposits which would provide us with the means to unleash domestic energy resources that would add jobs and re-industrialize our nation. Increasing supply would lower costs of oil, gasoline and natural gas to industry and the general population. Turning those $300 billion annual energy expenses from lost dollars into domestic reinvestment would help grow our economy and restore confidence among America's business community.

The obstructionists, fearful of competition, will, of course, not be silent. Oil exporters like Venezuela and the Arab Emirates are understandably nervous about losing those American petrodollars. It is not a surprise that they have underwritten Hollywood films attacking fracking as an environmental threat in hopes of swaying American public opinion and they will continue to use their wealth and influence to try and short circuit America's pursuit of accessing domestic energy resources.

The reality is fracking technology with strict regulations can create genuine energy independence that mobilizes this nation's industrial capacity in a manner not seen since World War II turned America into the Arsenal of Democracy. Using fracking as the centerpiece of a national energy master plan we could define state mandated environmental safeguards, determine where or whether we need pipelines, identify appropriate refinery upgrades and create the type of domestic investments that create economic growth, jobs for the unemployed and revenue for the government, while reducing energy costs to consumers.

Confronting emerging threats while growing the economy

While a broad range of renewable energy sources should be encouraged, fracking has become America's true weapon of choice in strengthening our economy and global leadership. Fracking success stories are already being written in North Dakota, Wyoming, Colorado and elsewhere. When other states follow their lead, more than enough oil and natural gas can be safely extracted from the ground that will not only permit the United States to be energy independent, but to become an energy exporter of LNG (liquid natural gas) to Europe at a time when Russia's threatening expansionist policies could see them shut down their natural gas currently piped to our allies.  Fracking has the means to change global geopolitics in a profound and permanent way. It would allow America to regain its economic health, grow our economy, confront a debt that is a real and immediate threat to our national security while strengthening our European allies at a time of rising tensions.

A dispassionate, nonpartisan examination of government financial policy will reveal that by their actions, or inactions, for political or personal reasons, individuals sworn to uphold the Constitution of the United States have been directly responsible for jeopardizing the financial stability of our great country. Failure to acknowledge the speed by which we are now hurtling towards insolvency will see a nation's future quietly extinguished as our debt travels one more final Light Year, unless patriotism triumphs over politics. Washington has a game changing solution in domestic fracking that is already demonstrating its power. Now it's time to put it to work restoring American leadership.

An edited version of this essay was first published in Long Island Business News.

SOURCE Lawrence Kadish

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"We help companies that are using a lot of Software as a Service. We help companies manage and gain visibility into what people are using inside the company and decide to secure them or use standards to lock down or to embrace the adoption of SaaS inside the company," explained Scott Kriz, Co-founder and CEO of Bitium, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
Some developers believe that monitoring is a function of the operations team. Some operations teams firmly believe that monitoring the systems they maintain is sufficient to run the business successfully. Most of them are wrong. The complexity of today's applications have gone far and beyond the capabilities of "traditional" system-level monitoring tools and approaches and requires much broader knowledge of business and applications as a whole. The goal of DevOps is to connect all aspects of app...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
Want to enable self-service provisioning of application environments in minutes that mirror production? Can you automatically provide rich data with code-level detail back to the developers when issues occur in production? In his session at DevOps Summit, David Tesar, Microsoft Technical Evangelist on Microsoft Azure and DevOps, will discuss how to accomplish this and more utilizing technologies such as Microsoft Azure, Visual Studio online, and Application Insights in this demo-heavy session.
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public cloud. Consequently this approach requires risky, deep "surgery" including changes to firewalls, subnets...
DevOps is all about agility. However, you don't want to be on a high-speed bus to nowhere. The right DevOps approach controls velocity with a tight feedback loop that not only consists of operational data but also incorporates business context. With a business context in the decision making, the right business priorities are incorporated, which results in a higher value creation. In his session at DevOps Summit, Todd Rader, Solutions Architect at AppDynamics, discussed key monitoring techniques...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water,...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!