The Boom America is Forfeiting

Australians are partying like it's 1999, but for Americans it's more like 1937.  That's the year recovery from the Great Depression, already under way when FDR took office, collapsed under the weight of Keynesian spending and settled into four more years of economic stagnation.One reason why Australians are so well off is that under the benign policies of conservative leader John Howard, their energy and mining industries were allowed to function unimpeded.  Whether that pro-growth tax and regulatory environment will continue under current Prime Minister Julia Guillard is doubtful, but for the present Australians are reaping the rewards of nearly 12 years of conservative governance.Americans, by contrast, are seeing the effects of the past five years of liberal meddling in the energy sector, beginning with the election of Democratic congressional majorities in 2006 and continuing with that of Obama in 2008. In Australia, energy exploration is proceeding on an unprecedented...(Read Full Article)