Tags: Furchtgott-Roth | Romney | Energy | Jobs

Furchtgott-Roth: Romney Energy, Tax Policies Would Create Jobs

By    |   Monday, 10 Sep 2012 09:00 AM

A Mitt Romney victory in November's presidential elections will lead to policies that would finally create the demand for goods and services that has been lacking amid today's tepid recovery, said Diana Furchtgott-Roth, a senior fellow at the Manhattan Institute.

Consumer spending drives about 70 percent of the U.S. economy, yet consumer confidence and spending have been spotty as have corporate investment and hiring.

"The biggest thing that would boost consumer spending and investment would be a Romney win in November," Furchtgott-Roth told Newsmax.TV in an exclusive interview. "Romney has campaigned on a platform of lowering taxes, of cutting government spending, of encouraging domestic oil and natural gas development, of allowing coal to be used in the United States for energy," Furchtgott-Roth said.

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"And a win by Romney would add a lot of certainty in terms of positive policies to promote recovery," said said Furchtgott-Roth, author of "Regulating to Disaster: How Green Jobs Policies Are Damaging America's Economy."

Editor’s note: To pre-order 'Regulating to Disaster' at a great price — Click Here Now.

The country needs to develop its infrastructure for natural gas distribution and transmission and also needs more oil pipelines to handle increasing natural gas and oil discoveries in the country's shale deposits.

"We don't really have a way of getting the North Dakota oil to the refineries in the Gulf of Mexico. There's oil in the Alberta sands in Canada, but the Keystone XL pipeline, which would bring it to our refineries in the Gulf to refine and then use hasn't yet been approved. So what we need to do is improve our infrastructure network," Furchtgott-Roth said.

President Barack Obama halted the expansion of the Keystone XL pipeline that would have brought in more oil from Canada as well as from the Bakken oil fields in Montana and North Dakota to the refineries further south on environmental concerns.

The private sector, meanwhile, must lead the way anyhow.

"I am not suggesting that the government put money in that. This is something that the private sector can do if it gets government approval. It's tragic that the Keystone pipeline so far has been stalled through lack of government approval."

The government doesn't need to get involved, especially by investing in green energies, which at the end of the day, aren't viable and can't do for the economy what natural gas, oil and coal can.

"The fundamental issue is here the government is trying to pick winners and losers. Now if a company has a winning idea — think of Apple with the iPhone — if it has a winning idea, then it gets money from the private sector, from banks," Furchtgott-Roth said.

"There's no shortage of people who want to finance it and so the government is left financing the losers, the ones that cannot get help from the private sector, they cannot get financing, and that's one reason why so many government projects do fail, because the government is dealing with a group that cannot get funding in other ways."

Developing natural gas would not only lower utility bills for many households and businesses, it would also lure industries back to the U.S. who may have left for low-cost countries overseas

"It can also attract more industry back to the United States and it has already attracted petrochemical companies. Manufacturing companies that left because of the high costs of energy would be attracted back and are starting to be attracted back," Furchtgott-Roth said.

"We can expect to see more of that in the future as our natural gas resources develop."

Editor’s note: To pre-order 'Regulating to Disaster' at a great price — Click Here Now.

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2012-00-10
Monday, 10 Sep 2012 09:00 AM
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