"The End of Peak Oil"

While I think it's a little early to declare "the end," it sure is trending strongly that way

How's this for a really bad prediction?

In 1920, the U.S. Geological Survey estimated that "the world's supply of recoverable petroleum" was no more than 60 billion barrels.  It was wrong.  The world has already produced 1,400 billion barrels of oil.  Worldwide, there is about 1,700 billion barrels of oil in reserve – nearly a 60-year supply at current production rates.  And the size of the ultimate resource is likely to be greater than 10 trillion barrels.


"Why not taxes?"

John Cochrane with an excellent answer to the "Democratic economic establishment".

Their bottom line, really, is that entitlements and deficits are not a problem. They put the blame pretty much entirely on the recently enacted corporate tax cut.   (I'm simplifying a bit. As did they, a lot.)

By contrast, we focused on entitlement spending -- Social Security, Medicare, Medicaid, VA, pensions, and social programs -- as the central budget problem, and entitlement reform (not "cut") together with a strong focus on economic growth as the best answer.