The Skinny: The Governator Flexes His Muscles

(AP Photo/Jeff Chiu, FILE)
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Last week, the Conference Board reported that the consumer confidence index for April hit its highest level since May 2002. "The rising prices on the pump didn't have an impact on consumer confidence at all," said Lynn Franco, director of the Conference Board Consumer Research Center.
These data point to the enormous resilience of the consumer. But they also bring into focus a truism lost in the miasma of media coverage and political rhetoric surrounding energy: while the price of gasoline may be highly visible and symbolic, filling up the tank simply doesn't eat up that much of most families' budgets.

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