Monday, July 12, 2010

Jobs Float Away: Economy Rigged for Failure

By Doug Powers

RMS TitanicEven though a judge slapped down the Obama administration’s drilling moratorium, and the ruling was upheld on appeal, the administration has pledged to continue on until they find a way to halt offshore drilling — purportedly until the cause of the Deepwater Horizon accident can be determined (which is like banning all trans-Atlantic crossings until we can figure out exactly why the Titanic sank).

Since no company will invest money to prepare to drill during an appeals process that remains unpredictable, rig owners are bound to leave for greener pastures, and they’ll take the jobs with them.

The first rig is already leaving the Gulf:…

As our demand for oil shows no immediate sign of waning, we’re watching jobs sail off into the sunrise, where workers from another country will be paid to drill oil that may ultimately be sent right back to the US and poured into Al Gore’s private jet — all while being placated by claims that it’s okay because at some point in the next 25 years our cars, furnaces and industries will be powered by kumquats and solar panels built with taxpayer dollars given to labor unions and the family member of a corrupt congressman. I’m skeptical of success. Read more…

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from Chip Bok