Obama’s Innovation Gift Registry

I could speak forever about Barack Obama’s historic speech last night. However, to do my job, I must focus on the matter at hand – energy. We will have the next 67 days to discuss politics.

At one point, midway through Sen. Obama’s speech, he said this:

And I’ll invest $150 billion over the next decade in affordable, renewable sources of energy — wind power, and solar power, and the next generation of biofuels — an investment that will lead to new industries and 5 million new jobs that pay well and can’t be outsourced.

Let me get my calculator…

Our current GDP is approximately $13,000,000,000,000. (That’s 13 trillion dollars). If we experience NO GROWTH in the next 10 years, our economy will have produced $130 trillion.

OK, now divide $150 billion by $130 trillion and we get 0.115%. Less than 1% of GDP (all government tax money, I might add) and we will have viable alternative energy?

Calculators again…divide $150 billion by 5 million jobs. The result: $30,000 for a ‘next generation’ job? Forgive my cynicism.

If the world has abundant supplies of oil and all we humans have to do is retrieve it, then THAT will be the energy of choice ten years from now. Not biofuel, not electric cars – oil. Oil will be supplanted as the energy of choice once another viable, cost-efficient form of energy emerges. I hate to break the bad news, but it’s not here now and it isn’t on the horizon. To pledge $150 billion of OUR money as a solution to a country of over 300 million is downright preposterous.

Should the junior senator become president, I’d be curious to see if East Cicero, IL became the epicenter of the alternative energy initiative.

Transcript: Barack Obama’s Acceptance Speech – NYTimes.com