No Pain At The Pump
Those skyrocketing oil prices, don’t worry about it. No big deal. This from The Washington Times:
President Obama’s top economic adviser said Thursday the White House is monitoring the spike in oil prices as a result of uprisings in Libya, but said that recent fluctuations aren’t likely to derail the U.S. economic recovery.
Austan Goolsbee, chairman of the White House Council of Economic Advisers, said the current picture is much different from oil crisis of 1979 because the nation is “substantially more energy-efficient” when it comes to consumption as a factor in GDP growth.
“The sensitivity of the economy to oil prices is not as great as it was in the past,” Mr. Goolsbee told reporters at a breakfast sponsored by the Christian Science Monitor. “The impact of oil prices comes from long-run, sustained increases to prices, not from short-run variations.”
O.K. – First, where is this alleged economic recovery of which Mr. Goolsbee speaks? Second, when did the White House’s top economic adviser start hanging out with Charlie Sheen?
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