$1/gallon increase in gas means loss of 1 point of US GDP-AP

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5/27/11, "Gas tanks are draining family budgets," AP, J. Fahey

"Every 50-cent jump in the cost of gasoline takes $70 billion out of the U.S. economy over the course of a year, Hamilton* says.

• That's about one half of one percent

• of gross domestic product."...

*"James Hamilton, an economics professor at the University of California, San Diego, who studies gas prices."...

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4/28/11, "Economic growth slows as inflation surges," Reuters

"Growth in gross domestic product (GDP) slowed to a 1.8 percent annual rate after a 3.1 percent fourth-quarter pace, the Commerce Department said. Economists
."...

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The price of gas has gone up a dollar a gallon in the past year (the above article says it was $2.76/gal. a year ago). If the statistic is accurate, it is public knowledge and Obama and taxpayer funded economists had to know they were driving us into a worse depression. It also means all the 'experts' claiming the economy would recover were lying or are mentally disturbed. ed.

More tax info from GasBuddy.com




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