Just last week, Joe Biden once again reaffirmed his commitment to killing the fossil fuel industry. Ironically enough, it was fossil fuel development, namely natural gas and the fracking boom, that accounted for the vast majority of growth and job creation during the economic “recovery” of his President Barack Obama. The wannabe 46th president wants to end fossil fuel production by 2035, beginning at a time when the nation will be rebounding from the COVID-19 pandemic. Should Biden have his cake and eat it too?
Let’s take a quick review of the Obama economy that Biden is happy to take credit for and seeks to emulate. The economy under Obama averaged just 2% GDP growth, the “new normal,” as New York Times opinion columnist Paul Krugman named it. To be fair, assuming office in the middle of a recession is no blessing, but Obama’s attachment to Keynesian economics slowed down the nation’s recovery.
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