|Rep. Paul Ryan (R-WI)|
So in 2008, Chu said, “Somehow we have to figure out how to boost the price of gasoline to the levels in Europe.” That's what he said in 2008. He was reminded of that comment today during his congressional testimony, and he backed away from it. “I no longer share that view,” said Chu to Senator Mike Lee, Republican, Utah. Chu said, “When I became Secretary of Energy, I represented the United States government, and I think right now in this economic very slow return these prices could very well affect the comeback of our economy.” It sounds like he's not sure that gasoline prices might have a deleterious effect on the economy.So Chu is now saying his previous statements are no longer operational. That's how the Democrats characterize their gaffes.
Obama said that because the United States accounts for 20 percent of the world's consumption of oil but has only 2 percent of its petroleum reserves, “we're not going to be able to just drill our way out of the problem of high gas prices. Anybody who tells you otherwise either doesn't know what they're talking about or they aren't telling you the truth.”
But the economic news has not been all that striking. We had a quarter in which economic growth reached 2.8%. We've had two months with job growth of better than 200,000.Peachy. But in 1983, the year before Ronald Reagan's re-election, the gross domestic product rose 8.9% not just for one quarter but over the whole year. There were two months when job growth was 729,000 and 660,000.That's the kind of economic recovery that enables an incumbent president's campaign to run a credible "Morning in America" ad. If the Obama campaign ran one now, it would be fodder for "Saturday Night Live" and Jon Stewart.