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Retired Gulf VP Charles Campbell nails US economic problems and their solution
Retired Gulf Oil Senior VP Charles Campbell nails our chief problems and their solutions in his brilliant March 23 Baltimore Sun commentary (End America's addiction to Mideast oil: Only hope for U.S. economy is to bring down our trade deficit, become self-sufficient in energy).
He is correct that if we fail to solve these problems, we are headed toward economic disaster. In fact, our government debt problem may be about to get worse as a result of upcoming sales by Japan of dollar reserves and the expense of Obama's military intervention in Libya. As far as energy production is concerned, his area of expertise, he argues that we need to develop domestic energy resources but are moving in the opposite direction. He writes:
Although my father, son and I have also argued (see our 2008 book Trading Away Our Future) that Buffett's plan would be an effective way to balance trade, we currently advocate a less-bureaucratic scaled tariff which would accomplish the same goals without violating WTO rules.
Charles Campbell is entirely correct that the solutions to our economic problems are not complicated: (1) balance budgets, (2) develop domestic energy, and (3) balance trade.
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