‘Can-do’ Wyoming reflects state of the nation
By Joseph Quinlan
In the 24/7 news cycle that incessantly warns of political and economic Armageddon, it helps to step back and take stock of what’s right with America. And in that light, what makes the U.S. economy so dynamic is evident right here in Wyoming in general and Teton County in particular.
First, no economy in the world is as large, diverse and wealthy as the U.S. economy. Think of our economy as a hydra-headed superpower, leading in such diverse activities as technology, health care and education, as well as aerospace, agriculture, mining and tourism, key sectors of Wyoming and the Teton region. With just 4.3% of the global population, the U.S. economy accounts for more than 26% of global GDP.
Second, no large power is as blessed by geography as the United States, and in an age of geopolitical strife, resource constraints and contested borders, there’s a premium on geography. America enjoys the luxury of being surrounded by nonthreatening neighbors to the north and south, and fish to its east and west. The Teton region, meanwhile, is one of the most pristine places in the lower 48 — a mecca for tourists from all over the world.
Third, America’s unique entrepreneurial ecosystem that encourages and enables the incessant churn of creative destruction is unparalleled on a global basis. America’s economic metabolism is different from the rest of the world. No country creates and destroys as manically as America. Just since 2000, more than half (52%) of the companies on the Fortune 500 list have gone bankrupt, been acquired or ceased to exist. Meanwhile, as old firms die, new firms are spawned. America’s start-up itch has only grown stronger in the past few years, and as everyone knows, a strong entrepreneurial streak runs through the Tetons.
Fourth, the United States remains an energy superpower, a key competitive edge at a time of rising resource nationalism. Wyoming figures prominently in this mix, with the state the top U.S. producer of coal as well as a significant supplier of natural gas and oil, and critical elements such as rare earth minerals and uranium. The state’s potential for renewable power like wind remains vast.
Fifth and finally, while China has made significant technological strides over the past decade, the United States remains the world’s technology leader, owing to the nation’s risk-taking, not-afraid-to-fail entrepreneurial culture that underpins America’s leadership in both technology and innovation. The future lies in technology, and with Wyoming recently designated as one of the federal government’s 31 inaugural Tech Hubs, the state will play a key role in America’s tech future, notably in advanced nuclear manufacturing and clean energy. Many other variables support the underlying dynamism of the U.S. economy, including the dollar, the world’s reserve currency; the strength of the U.S. military, unmatched globally; America’s leading edge when it comes to higher education/universities; and robust foreign capital inflows, with America the longtime destination and magnet for foreign capital. Per the latter, Wyoming’s vast energy potential has attracted foreign investment from firms all over the world, including the United Kingdom, Canada, Belgium and Japan, to name a few countries.
Yes, the state of our union is not perfect. The country confronts serious challenges at home and abroad, and is on the cusp of a historic and polarizing national election. The key policy initiatives of both parties — immigration, trade, renewable energy/climate mitigation — will have considerable consequences for Wyoming and Jackson Hole. The Tetons may feel remote and removed from the maelstrom of national and global politics, but nothing could be further from the truth.
We have been here before. America always has risen to the occasion, bending, not breaking, under duress. The era we live is still near-golden — shaped more by peace than war; progress over poverty; and economic growth versus stagnation. Given the daily negative media barrage, you would never know that we are in the midst of one of the most prolonged and prosperous eras of global growth the world has ever experienced.
Keeping the good times rolling will require leadership at all levels — federal, state and local. An active, not passive, citizenship is essential, as is a can-do, get-it-done spirit. Enter the Tetons.