Driving the Day: 11/12/12

Nov 12, 2012

Need to know…

  • Fiscal Cliff Debate Could Threaten Confidence. Partisan bickering during the congressional debate over how to avoid the fiscal cliff could harm the U.S. economy, reports a Reuters poll of economists. Most economists polled think Congress will be able to avoid the automatic spending cuts and tax increases set to go into effect at the end of the year. Almost as many respondents indicated, however, that if negotiations turn into a partisan fight, they present a "high risk" to harming investor and consumer confidence. 
  • U.S. Poised to Become World’s Largest Oil Producer. The United States will overtake Saudi Arabia as the largest oil producer in the world within a decade, reports the International Energy Agency (IEA) in its annual World Energy Outlook. New methods for extracting crude oil, such as hydraulic fracturing, will continue to grow U.S. oil production. For the first six months of 2012, the United States satisfied 83% of energy needs with domestic resources, according to the U.S. Energy Department. Crude imports have fallen 11% this year with domestic oil production expected to rise to the highest level since 1991.
  • U.S. Veterans Bring Critical Skills to Civilian Workforce. America's military veterans have valuable skills U.S. employers need, although the unemployment rate for post-9/11 veterans is more than two percentage points higher than the national average. The U.S. Chamber’s Kevin Schmiegel and John Finneran Jr. of Capital One write in Forbes that veterans bring special skills and a strong work ethic that make for a superb resume. To support employment for America's veterans, the U.S. Chamber of Commerce’s National Chamber Foundation, in partnership with Capital One, has set a goal of finding 500,000 jobs for vets and military spouses by the end of 2014.

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