A very promising future for America in the 21st Century may be taking shape, at least if some surprising trends play out as some are predicting.
Another American Century?
The Telegraph Media Group of the UK just published an interesting article on why we may all soon be reaping the benefits of a radically improving competitive position for the US in the world economy.
The article is a well worth reading. Below are summaries of the key points made in the piece:
US energy imports may fall sharply
The huge outflows of dollars from the US to buy Middle East oil – a depressing staple of American economics since the 1970s – may end by mid-decade. If we could keep that money home, there would be profound benefits to the US economy.
This may become a reality due to new oil extraction techniques that are opening immense oil shale fields in the US to production.
You can read more about the Bakken fields here. There’s even a large shale oil field in Ohio!
There are also huge amounts of natural gas in US shale deposits. These supplies have been coming into production with a lot more on the way. Because of this, natural gas prices have dropped significantly over the last three years and US manufacturing is just now experiencing the economic benefits.
The US is now the top producer of natural gas in the world. We are looking at soon becoming a major EXPORTER of natural gas – what a profound (and beneficial) change!
Manufacturing renaissance in US
America is poised to add 2 to 3 million jobs in the next 5 years as manufacturing returns to the US according to a new report by the Boston Consulting Group. Manufacturing jobs are being “re-shored” back to the US from overseas in increasing numbers as the costs of production keep rising in China and other offshore manufacturing centers.
You can download the full report by clicking here or on the image above.
America is making some high quality products these days; we recently bought a Ford Focus SEL 5 door automobile and love it!
You can help this trend by buying American-made products as much as you can. This can be hard to do, but well worth the effort in terms of creating a better economy for all of us.
ABC News has created a website to help you buy American.
Low fertility rates will hurt the economies of other industrial nations
New research is exposing a fundamental weakness in China, Japan and most European nations: demographics.
Low birth rates have put China and many other economic competitors of the US on a disastrous demographic path towards an aged population. These economies may soon lack enough young workers to support all their upcoming retirees.
The US birth rate while declining is not nearly as low as China’s and Japan’s. Demographics will help America compete in the world economy and grow its way out of its current debt problems as the 21st Century unfolds.
So there are seemingly many good reasons for optimism about your economic future as Americans – the current difficulties will end and better times are coming!
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