LTP News Sharing:
Jamie Dimon, the CEO of JPMorgan Chase, has proposed to the Biden Administration that it create a “Marshall Plan” as means first of increasing domestic oil and gas production, and then funding the mythologized “green transition.” While approved by most Americans, then and now, the post-WWII plan to spur economic recovery in Europe and contain the spread of communism is about as bad a model for America’s energy future as can be imagined.
Given taxpayers are currently enduring record high inflation, not to mention the Biden Administration’s war on fossil fuels and quest to push expensive green energy initiatives on Americans, one can’t help but question the wisdom of such a proposal. As FEP Director, Scott Shepard, explains in his latest op-ed in RealClear Markets:
Within not only general living memory but the living memory of a precocious tot, the United States was producing significantly more energy not by spending bails of government money on it, but by reducing regulation. A flood of government money is certain not to reduce regulation, but to multiply it, as the government demands its say in exchange for the unasked-for infusion of other people’s cash. We don’t need a Marshall Plan to get back to producing enough energy to be able to help Europe to avoid reliance on Russia. We just need both a regulatory rollback to the sepia-toned days of two years ago, and a statutory restriction against additional regulatory increase that will provide at least some protection for energy producers that electoral caprice won’t upend all of their plans and their investments.
Dimon’s pitch was allegedly made last month during a closed-door meeting at the White House featuring the Secretaries of the Treasury and Commerce, the National Security Advisor, and the Director of the National Economic Council; President Biden also made an appearance. Reports say the meeting also included the CEOs of ExxonMobil, Conoco Phillips, Marathon Petroleum, Bank of America and Visa.
Read more about Dimon’s woke agenda here.
Author: Sarah Rehberg