Posted on 02/02/2015 11:36:41 AM PST by Lorianne
Edited on 02/02/2015 12:05:55 PM PST by Admin Moderator. [history]
Americans are taking the money they are saving at the gas pump and socking it away, a sign of consumers
(Excerpt) Read more at marketwatch.com ...
Well, if your insurance just went up $1,000 per year, that pretty much eats into any savings you have from gas prices dropping. Especially if you have been going from temporary job to temporary job with no prospect for long term employment in this economy. Do the idiots who write these business columns actually understand business? They actually sound surprised that businesses and individuals aren’t spending money.
Filling up 3-4 times with lower priced gas isn’t going to do much to the economy. Give it 6 mos to a year and then we’ll see. Frankly, the gas savings is no where near the expense of everything else. Those few fill up savings haven’t paid for our utility bills increase at the end of ‘14 much less the grocery bill. Americans are still behind.
Yes I am - I’m plowing it all into gunz~n~ammo ;’)
Most Americans are probably using the savings to pay down debt.
Windfall? Phhht. Just more hot air from the powers that be.
Maybe trying to build up a little savings again?
Nothing to be surprised about. What we have here is simply one more validation (among many) of Milton Friedman’s “permanent income” hypothesis.
We have 2 cars and unless we drive extra we use one tank per month in ea. so yeah about $40 savings for us too. I like it but it’s not like we can vacation or do renovations with $40 extra per month. Lol
A lot of the spending will be of the delayed type.
For example, with the extra money I’m saving, I’ll be contracting out to get a few renovations to the house. I had some of the money already saved, but the extra money I’m keeping from the lower gasoline prices, means that, I’ll be speeding up some of those renovations, and probably getting new things for inside the house.
BTW, I did spend some of that extra cash during the holidays for things that I hadn’t planned on getting.
The money will add up, and when people have stashed enough, there will be more spending.
Besides, a lot of the “growth” that has occurred in the last couple of years, has been “fueled” by the savings from the lower cost oil.
So, how does anybody attribute any part of the spending to anything other than the lower prices of fuels?
Between me and hubby ours is going to be $3k more this year. That $40 a month we are saving in gasoline costs doesn’t quite cover it.
Yep the best thing to do is save money and/or retire debt. Get ready for the crash, but I hope to God it won’t come...
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