June 18, 2010

See? He really *does* have a plan!


Apparently President Obama has had his head on straight the entire time regarding management of the oil spill.  The Wall Street Journal reports that the nation's GDP could actually grow a smidge thanks to the fact that the spill has gotten to the point where the damage control and cleanup will generate more economic activity than the number of jobs destroyed.

The six-month moratorium on deep-water drilling may cut U.S. oil production by around 3% in 2011 and cost more than 3,000 jobs, according to J.P. Morgan’s energy analysts.

Commercial fishing in the Gulf is also likely to suffer, but that’s only about 0.005% of U.S. GDP. The impact on tourism is the hardest to measure, although it’s fair to expect that many hotel workers who lose their jobs will find it hard to get new ones.

Still, cleaning up the spill will likely be enough to slightly offset the negative impact of all this on GDP, J.P. Morgan said. The bank cites estimates of 4,000 unemployed people hired for the cleanup efforts, which some reports have said could be worth between $3 and $6 billion.

Up next in Obama's plan to end the recesssion:

What else can Obama do to end the recession?  I'm sure you morons have recognized some of his other efforts, please share them with us!

Posted by: Alice H at 10:15 AM | Comments (8) | Add Comment
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