First Read: “It’s possible — though hardly a certainty — that lower gas prices over a sustained period of time finally begin to change the public’s perception about the U.S. economy. After all, the economy has produced 200,000-plus jobs in each of the past nine months; GDP for the last quarter was revised up to a healthy 3.9%; and the unemployment rate has declined from 7.0% in Nov. 2013 to 5.8% now. But many Americans haven’t been FEELING that improvement, due in large part to wages not keeping up with the cost of living.”
“Politically, an improving economy helps the president and his party. (It also makes it harder to say the health-care law has stifled the economy.) And in macroeconomic terms, lower gas prices serve as a kind of economic stimulus — which Congress doesn’t have to pass or finance. Yet more importantly, they’re an easier way for Americans to ASSESS the state of the economy. The monthly jobs report might not mean a thing to them, but they can see when it costs just $35 to $40 to fill up their tank each week when it used to cost $50. ”
Wonk Wire: Plummeting costs make renewable power a viable competitor
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