OMG Gas Prices are Killing the Economy and Obama's Popularity... Wait, What?

[UrbScotty]

The conventional wisdom has been that the high gas prices are hurting economic growth in a fledgling recovery, and that the American people, largely unhappy with the prices at the pump, are going to take it out on the President. Both of these are proving to be wrong as of now, however.

The economy isn't exactly showing signs of dying. We all know about the stellar jobs numbers in the past few months, capping off a total of 4 million private sector jobs created in the last 23 months. The Commerce Department reported today that consumer spending grew in February at the fastest pace in seven months, driven by the strong jobs growth of late. New orders for durable goods grew to $212 billion in February, an increase of 2.2% over the previous month. Yesterday, the Labor Department reported that initial jobless claims fell to 359,000, a 4-year low. Economists believe that initials claims below 400,000 represent an economy returning to health. Here is how the jobless claims data has looked over the Great Recession and the ensuing Obama Recovery (Credit: CS Monitor).

http://www.thepeoplesview.net/2012/03/omg-gas-prices-are-killing-economy-and.html