Gas Prices to End Obama's Poll Uptick

Thursday, 05 May 2011 12:30 PM

By Dan Weil

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President Barack Obama’s approval rating received a nice boost from the killing of Osama bin Laden – to 47.7 percent in a Newsmax/InsiderAdvantage poll and 57 percent in a CBS/New York Times poll.

But the recent jump in gasoline prices – to more than $4 a gallon in some cities – may snuff out that gain quickly, The Hill reports.

While Obama’s overall approval rating rose, just 34 percent of those surveyed in the CBS/New York Times poll approve of his handling of the economy, the president’s lowest rating since his inauguration.

Gas prices represent the most important depressant for the economy now, says Moody’s Analytics economist Mark Zandi. “The higher gas prices act like a pernicious tax increase on the economy,” he told The Hill.

“Consumers are literally taking their payroll tax cut and putting it into their gas tank.”





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