It's officially silly season in U.S. politics leading up to midterm elections, with both parties stooping to distraction and hyperbole. As usual, some of the most misguided utterances so far have come from the White House and, specifically, from our own Commander-in-Chief.
Speaking to students and faculty at Northwestern University on October 2, 2014, U.S. President Barack Obama said of America's economic recovery, "It is a direct result of the American people's drive and determination… and the decisions made by my administration."
I totally agree with the first part of that statement. But the second part of it – the assertion that credit for whatever recovery we've had lies with his administration – is charitable, to put it mildly.
Love him or hate him, nearly 45% of the recovery can be traced to this one, single economic sector, and the president is actually dead set against it.
If you're like me, your eyebrows just shot up. Mine sure did when I first took a hard look at the data and ran the numbers.
That's because I love the underdog. Anytime something is unloved and unnoticed, I'm interested, especially if the numbers line up. And, boy, do they ever in this case.
A Recovery Tied Inextricably to America's Energy Revolution
At a time when overall U.S. employment has yet to return to its pre-recession levels of 2008, oil and gas exploration is the only sector that employs 40% more people now than it did then.
In fact, the growth is so strong that if you strip everything else away from the recovery President Obama insists he's created, there wouldn't be one for more than 139 million Americans as of September.
Even better – at least when it comes to investing potential – the president positively hates this sector, preferring instead to invest in so-called "green" alternatives, many of which haven't paid off. Solyndra, anybody?
And this begs the question: What would this historically weak "recovery" have looked like without the massive energy boom?
About the Author
Keith is a seasoned market analyst and professional trader with more than 37 years of global experience. He is one of very few experts to correctly see both the dot.bomb crisis and the ongoing financial crisis coming ahead of time - and one of even fewer to help millions of investors around the world successfully navigate them both. Forbes hailed him as a "Market Visionary." He is a regular on FOX Business News and Yahoo! Finance, and his observations have been featured in Bloomberg, The Wall Street Journal, WIRED, and MarketWatch. Keith previously led The Money Map Report, Money Map's flagship newsletter, as Chief Investment Strategist, from 20007 to 2020. Keith holds a BS in management and finance from Skidmore College and an MS in international finance (with a focus on Japanese business science) from Chaminade University. He regularly travels the world in search of investment opportunities others don't yet see or understand.