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Real Hope for Ending Federal Debt
American Thinker ^ | 05/22/2012 | Bruce Walker

Posted on 05/22/2012 6:31:51 AM PDT by SeekAndFind

The per capita federal debt is $31,000 growing. Much of Europe and many American states are facing practical bankruptcy. As the creditworthiness of the United States and many states is been downgraded, the cost of simply servicing the existing debt will rise. Add to these woes vast unfunded entitlements and money simply created out of thin air by the Federal Reserve System, and it is hard to see how even very aggressive Reaganomics can save us. Government is so far in debt that simply cutting spending less is not enough, and raising taxes is foolishness. We need to dramatically increase the sources of non-tax revenue. Fortunately, the convergence of more sophisticated technology and rising costs for natural resources makes that possible.

Anu Mittal, director of natural resources and the environment for the General Accounting Office, recently testified before Congress that the oil reserves in the Green River Formation, spanning much of the Rocky Mountain Region, are greater than all the rest of the world's reserves combined -- perhaps three trillion barrels, with about half the oil on federal land and with half of the oil extractable at current prices. The federal royalty by a rough estimate would be over $9 trillion.

As I pointed out last October, Harold Hamm, a billionaire who made his fortune finding where oil can be profitably extracted, believes that the federal royalties from the Bakken Fields in North Dakota and Montana could equal $18 trillion, which could also pay off the national debt. Of course, tapping the United States' natural resources is the opposite of what Obama is doing. Oil and gas production on federal lands has dropped by 40% under the dreary marriage of environmentalism, puerile elitism, and Marxism which is Obamanomics.

What is true of oil is also true of coal.

(Excerpt) Read more at americanthinker.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: debt; federaldebt

1 posted on 05/22/2012 6:32:02 AM PDT by SeekAndFind
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To: SeekAndFind

All the more reason Obama will block or hamper as much shale oil and coal development as possible. He doesn’t want a strong, independent America. A legacy like that would be Obama’s worst nightmare.


2 posted on 05/22/2012 6:37:59 AM PDT by Truth29
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To: SeekAndFind
The per capita federal debt is $31,000 growing.

Did our population suddenly jump to over 500 million? Because that's the result of almost $16 trillion divided by $31,000 per person.

And remember, that per capital figure only counts everyone. If you only count those who are paying income taxes the value would probably be over $100,000.

3 posted on 05/22/2012 7:11:02 AM PDT by KarlInOhio (You only have three billion heartbeats in a lifetime.How many does the government claim as its own?)
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To: KarlInOhio

$18 trillion sounds like he’s smoking crack. Maybe over the next 100 years? But we’re adding half a trillion a year to the federal debt.

Sure do the permits, but let’s not be thinking it’s going to erase the debt, as the title of this article suggests.


4 posted on 05/22/2012 7:32:36 AM PDT by delapaz
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To: SeekAndFind
The per capita federal debt is $31,000 and growing!

Come on every body we all have to kick in a little more after all we have to pay for the GSA convention in Vegas and the Judges trip to Hawaii, and Solyndra and etc, etc...

Sarcasm off/

5 posted on 05/22/2012 11:26:32 AM PDT by 2001convSVT (Going Galt as fast as I can.)
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To: SeekAndFind
The per capita federal debt is $31,000 and growing!

Come on every body we all have to kick in a little more after all we have to pay for the GSA convention in Vegas and the Judges trip to Hawaii, and Solyndra and etc, etc...

Sarcasm off/

6 posted on 05/22/2012 11:29:24 AM PDT by 2001convSVT (Going Galt as fast as I can.)
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To: delapaz
But we’re adding half a trillion a year to the federal debt.

IMHO, it's at least $1 trillion a year in budget deficit. That's how Obama piled on about $5 trillion to our debt.

7 posted on 05/24/2012 11:37:00 PM PDT by neverdem (Xin loi minh oi)
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To: KarlInOhio
Did our population suddenly jump to over 500 million? Because that's the result of almost $16 trillion divided by $31,000 per person.

Journalists can't do math...

8 posted on 05/30/2012 8:45:57 AM PDT by GOPJ ( "A Dog In Every Pot" - freeper ETL)
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