But unless the economy truly approaches recession, the slowdown shouldn't have much of an impact on future budget surpluses. The Congressional Budget Office uses a fairly conservative growth forecast in its surplus estimates. In any event, the whole point of pro-growth tax relief is to avoid recession in the first place. Even a serious pro-growth tax cut cannot eliminate the risk high energy prices pose to our prosperity. The bill for eight years of no energy policy is finally coming due.
Oil prices are too high, and industries have no realistic options to which they can turn.
Natural gas prices have gone up threefold in one year. Moreover, the Clinton administration shut down virtually all opportunities to develop additional energy sources in the United States. Despite all the lofty talk about electric cars and wind power, the technology hasn't been developed to integrate these alternatives into our economy at reasonable costs. Our economic and national security require that we develop a comprehensive energy strategy to develop resources at home as well as maintain access to oil and gas from abroad. We also must look at the regulatory burdens that stifle economic growth and innovation.