THERE is good news in America. With President Obama likely to be in office for another four years, there is the case for a coming US boom. Two of America’s greatest economic vulnerabilities, dependence on foreign energy (oil) and the decline of manufacturing, are on the way to being reversed.

According to a recent study, we are entering a ‘new era of energy security’, thanks to the rapid expansion of shale oil and gas extraction. By 2020, we could eclipse energy superpowers Russia and Saudi Arabia to become the world’s number one producer of oil, gas and bio-fuels.

The other building block of a new prosperity is a budding manufacturing revival. Over the next five years, higher costs in China will make it no longer worthwhile for companies to offshore jobs in computers, appliances, and transportation.

With such good news, why the deep pessimism of Mitt Romney and Republicans?

RON LOWE Nevada City, California