While the world leadership in the global energy sector has been controlled by OPEC and its dominator, Saudi Arabia, the United States, the leading world user, has risen to first place due to hydraulic fracturing, or “fracking,” within the short period comprising the current century.
While it appeared the U.S. debt ceiling, which had already surpassed the previous $20 trillion “top” by almost three trillion dollars at the end of July, would become a significant congressional confrontation, it was cast aside without a murmur.
During the 2007-2012 financial crisis, the Federal Reserve bought U.S. Treasury bonds and mortgage-backed securities to uplift the economy. With the economy growing steadily and the Federal Reserve riding an all-time high reserve, one might think the opposite would be the case.
When President Donald Trump recently raised eyebrows in calling his predecessor President Barack Obama’s “war on climatological impurities” a hoax, he stunned much of America’s believers, who had approved the cutback in the “belching” of carbon dioxide (CO2). This called for the limitation of coal production and cutting back U.S. manufacturing, in general, to “save the air.”
While economic pressure has forced the U.S. Federal Reserve into slowing its four-year quarterly interest uptick, similar pressures also are causing a re-evaluation of increasing rates by leading global economies.
In the decades of U.S. presidencies preceding the current White House occupant, a preoccupation with long-term climate change and cheap imports to win over the U.S. population’s multi-millions have increasingly shrunk America’s once globally dominant manufacturing sector.
Since the House of Representatives controls the purse strings of legislation, even if decisively brought to the floor by the Senate, it’s not a safe bet that an all-encompassing infrastructure program will emerge in Trump’s last two years of his first term.