The American economy just grew by 3% overnight. With a wave of its wand and pile of spreadsheets, the Bureau of Economic Advisors (BEA) changed the way they calculate GDP. With their new set of measurements, they found that our economy was bigger than we actually thought. Here’s how theInternational Business Times described the change:
“By this summer, the U.S. Bureau of Economic Analysis will have completed a massive revision of current and historical data, adding billions of dollars worth of non-manufactured items, including royalties from movies, TV, books and music, as well as money spent on research and development. The U.S. will become the first country to take these so-called intangible assets into account.”
The U.S. Chamber of Commerce Foundation reads the Internet so that you don’t have to, sharing a short list of curated blog posts for your Friday reading.
This is a guest post originally published on the Plugged In blog of Scientific American.
John McDonald believes that technological innovation is a key piece of a strong future for the energy sector. This is an industry with a history of impressive engineering feats. And, as Chevron’s Vice President and Chief Technology Office, McDonald speaks with passion and excitement about the technological breakthroughs that are still to come (1).
Similar conversations can be heard within the walls of energy giants like General Electric (GE) and Shell. At the former, you can find imagination at work within an internal venture capital group that focuses on fueling technology startups. At Shell Canada, the Quest Carbon Capture and Storage (CCS) project is hoping to make major technological advances in storing CO2 emissions deep underground through a commercial-scale demonstration project.
The Department of Energy released its Monthly Energy Review in March, with almost all important energy statistics now updated through the end of 2012. Based on these updates, here are some highlights of America’s amazing energy statistics for 2012:
1. The US produced an average of 6.574 million barrels of oil per day in 2012, which was the highest average annual crude oil output since 1995 (see blue line in top chart above). US oil output has been accelerating, and during the first two months of 2013 crude oil production averaged 7.046 million barrels of oil per day, which is the highest production level since 1992, twenty years ago.
2. In 2012, several states set new production records for crude oil output, including North Dakota, New Mexico, and Colorado. Other states set multi-decade production highs for crude oil output including Oklahoma (highest since 1994), Texas (highest since 1989), Utah (highest since 1988), Wyoming (highest since 1999), and Kansas (highest since 1995).
Several weeks ago, I was surprised to hear the topic of children raised at an advisory board meeting of senior business leaders that I attended. Amid discussions about economic growth and emerging technology trends, over two dozen business leaders expressed concerned about the youngest generation.
In many ways, this reflects a growing awareness about why children matter to our nation’s future. Businesses need children to prosper. Beyond the usual cliché that “children are our future,” more importantly, children ensure our country will have an abundant source of talent, labor, and consumers to draw on as part of future success and economic growth.
Let’s consider several implications that children pose to the future of American business.
Greater Economic Value Per Child
Currently the United States has nearly 314 million people, and almost a quarter (24%) of the total population is children, according to the Federal Interagency Forum on Child and Family Statistics. Population projections show that the United States will remain the third largest country in the world by 2050, following India and China.