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After the fastest growth of consumer spending since 2006, the U.S. Gross Domestic Product slowed to 2.6% in the 4th quarter as economists had expected a more robust growth rate of 3%.

CNBC reported the slowdown, which follows two back-to-back quarters of very strong growth, is likely to be short-lived given the enormous tailwind from lower gasoline prices. Most economists believe fundamentals in the United States are strong enough to cushion the blow on growth from weakening overseas economies.

In its report CNBC continued to report for all of 2014, the economy grew 2.4 percent compared to 2.2 percent in 2013. The report came two days after the Federal Reserve said the economy was expanding at a “solid pace,” an upgraded assessment that keeps it on track to start raising interest rates this year.

The Wall Street Journal commented on the GDP by reporting the report offered both hope and red flags for the world’s largest economy. Households, boosted by a surge in hiring and a slide in gasoline prices, went on their biggest spending spree in almost nine years in the fourth quarter amid signs of rising consumer confidence.

But U.S. companies suffered a dual blow. Imports rose briskly as Americans bought foreign goods that were effectively made cheaper by the strengthening dollar. And the slumping world economy tamped down demand for U.S. exports. That caused the trade gap to widen, slicing a percentage point off economic growth.

“Outside of consumer spending, it’s hard to argue for a lot of momentum,” said Scott Hoyt of Moody’s Analytics. But “if consumers do keep up their spending, as we add jobs and wage income increases, that should lift a lot of boats.”

Forbes Magazine gave further analysis that the stronger dollar surely contributed to the shifting balance of imports and exports. Federal spending declined 7.5% after gaining 9.9% in the third quarter. This was the result of a 12.5% decrease in defense spending after a 16% ramp up in the prior quarter. In short, these shifts were foreseeable but apparently somewhat stronger than economists were factoring.

More broadly the slowdown from the third quarter was anticipated as few economists or investors viewed such a high rate of growth as sustainable. Contributing to the deceleration was the increase in imports and the downturn in federal spending as well as slower nonresidential fixed investment and exports.

The sharp decline in oil prices has made it felt in the consumer pocket book with lower fuel prices, but for all the excitement of the improving economy, average Americans have not seen an increase in wages for a number of years.

Washington continues to battle over the best way to improve the lives of the middle class and in each case they have only made their lives harder.

It will be interesting to see the effects of the further implementation of Obamacare as now the employer and individual mandate begins to take affect this year.

When Americans begin to file their 2014 tax returns, they will have to disclose whether or not they had health insurance in 2014.  I personally know of people who are clearly not wealthy, but had to pay the fine, and also had their health premiums skyrocket with some unable to pay the cost of their health care.

Instead of making the lives of the middle class better, Washington has only made it worse.