There are times when I see a potential course of action that represents such a clearly positive direction for the economy that it’s hard to see the downside. Recently, my firm was involved in evaluating the economic impact of just such an opportunity called the “Apollo Project.” This ten-point plan combines a spectrum of efforts aimed at both improving environmental conditions and spurring growth in domestic clean-energy industries. The program involves retooling existing infrastructure as well as new development. In addition, funds to enhance the prospects for success among US firms are a component of the broad-ranging plan.
When the contribution of the Apollo Project initiatives is analyzed from a proper and complete perspective, it is clear that it leads to substantial stimulus for the national economy. The investments outlined in the plan result in gains of $1,353.3 billion in Gross Domestic Product and 19,463,949 Person-Years of Employment (over a 10-year period). Stated alternatively, the project sustains $293.4 billion per year in spending and 1.946 million jobs as a result of its developmental activity alone. The ongoing stream of stimulus surfacing as a direct result of this significant investment program includes another $79.7 billion in annual Gross Domestic Product and 1,392,415 Permanent Jobs.
All of this growth in business activity leads to substantial additional tax receipts to the federal government. In fact, the Apollo Project is essentially self-funding over the course of the initial investment and generates sizable ongoing fiscal benefits thereafter.
The programs embodied in the Apollo Project represent an opportunity to capitalize on multiple markets on the brink of phenomenal growth. Moreover, the research, technologies, products, and methods represent a unique fit in the American economy. They involve higher value-added and, hence, higher paying employment. These top-quality jobs are necessary to offset the inevitable loss of manufacturing jobs in lower technology segments and to create opportunities for a new era of expanding production capacity.
The path to American economic prosperity is through innovation and embracing the technologies and methods that lead to high productivity and high value-added manufacturing. With each wave of discovery, some jobs may be lost in outdated areas; however, the potential gains in other, far superior employment opportunities are substantial.
The initiatives embodied in the Apollo Project represent a unique opportunity to enhance the future prosperity of the United States. Clean energy is inevitable and highly desirable as our resources are depleted, and the environment is polluted. Proper infrastructure and intelligent planning is critical; research and development are the lifeblood of this business complex. Without the necessary positioning, the US stands to fall further behind in the development of the sectors involved in the creation of new forms of energy, as well as the emerging technologies which mandate certain economic characteristics, thereby virtually ensuring the economy’s failure to perform optimally. While this initiative will substantially relieve dependence on foreign oil imports, it does not threaten the domestic industry in any way (in fact, it creates lucrative investment opportunities and a natural avenue for diversification). Given future patterns in global supply and demand, full implementation of the Apollo Project and optimal levels of internal drilling and exploration will only partially close the gap between our needs and our capacity.
In summary, the US needs a new vision that will stimulate high-wage employment, enhance the quality of life and business climate, assure greater security and sustainability, and promote and support the very industries which hold the key to long-term success. The results from this analysis are completely unambiguous. Not only does the plan provide the benefits of an extraordinarily rewarding investment program, it also pays for itself. America needs the Apollo Project!