There are some signs of economic recovery. Or, at least, there are signs that we’ve hit rock-bottom in the recession and things aren’t likely to get any worse. The old “nowhere to go but up” situation. But what is driving that moderate amount of recovery?
An inconvenient truth for President Obama is that it’s the fossil fuel energy sector, which he has made an enemy throughout his term in office, which is leading the way:
“Manufacturing has added close to 400,000 jobs in the last 24 months, and a good deal of the action is in autos/machinery/metal products. Meanwhile mining is the number-one fastest growing industry in the economy, and our supply of cheap natural gas should encourage a revival in the M&M sectors, especially around the Great Lakes and the northwest. With 80 percent of the country employed in services, I’m not optimistic that manufacturing can recapture its mid-twentieth-century glory, but it doesn’t have to. As long the M&M bounce continues, employment growth will ricochet through the service-sector in cities revitalized by capital and labor investments in factories and offices.”
Ironically, the Obama administration’s energy and environmental policies are aimed at driving up energy costs, reducing coal mining and making it more expensive and difficult for the oil-and-gas sector to recover domestic supplies, which could put the growth of mining and manufacturing at risk.
Obviously, the Obama administration is going to seize on any hint of economic recovery and claim credit for it, and exoneration for their policies. The problem is that it’s sort of hard to claim credit for economic growth in mining and oil production when you campaigned on bankrupting coal mines and rail constantly against “big oil.”