(Huffington Post) -- The Obama Administration's economic vision for America is coming into focus and it's not pretty -- the United States as a third-world nation.
Third world economies export raw materials, such as oil, timber and ore, while advanced economies process raw materials into value-added manufactured goods.
The U.S. has a newfound abundance of natural gas from the fracking boom. While the debate over fracking continues, the question remains: Should we use the gas for value-added manufacturing here in the U.S. (both as an inexpensive energy source and as a feedstock for chemicals and pharmaceuticals), or do we export it in raw form as liquefied natural gas?
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The development strategy the president seems to favor resembles that of an extractive third world economy. The Financial Times reports: