Posted on 03/08/2022 3:39:24 AM PST by Libloather
American consumers are already struggling with the highest inflation in four decades - a phenomenon that is eating into buying power and eroding wages. But more economic pain may be in store, with one analyst estimating that the recent surge in gas prices following Russia's invasion of Ukraine could add up to $2,000 in annual costs to the typical household budget.
The average cost for a gallon of regular gasoline has surpassed $4 per gallon for the first time since 2008. Many consumers have seen prices at the gas pump rise swiftly, with the price of regular gas jumping 41 cents during the first full week of Russia's war in Ukraine, according to AAA.
That will likely cost the typical household an additional $2,000 per year in gasoline costs, according to Yardeni Research in a Monday research note. That comes on top of about $1,000 in extra costs at the grocery store due to inflation, which means the typical household will have $3,000 less this year to spend on other items, Yardeni said.
Consumers are fretting about the impact on their budgets - with some already planning to cut back on driving, and watching their spending. That could pose a threat to the pandemic's economic rebound, given that personal consumption contributes about 70% of gross domestic product, according to the Federal Bank of St. Louis.
When local gas prices recently jumped to about $4.25 per gallon, writer Andrew Liptak of Barre, Vermont, said he emailed his boss to ask if he could work from home because his roughly 34-mile round trip to the office - which covers hilly terrain and thus consumes more gas - suddenly become a lot pricier.
(Excerpt) Read more at cbsnews.com ...
Blacks and women hit hardest...
There goes my pay raise. I miss President Trump and cheap gas.
I’ve always been an optimist, a glass half full type. As bad as things get in the short term, that will only make the majority truly appreciate Trump and his policies when he gets back into the big seat in 2024. Not as many caring about “mean tweets”. Nothing like $5/$6 gas to focus the mind on what is really important.
No new taxes on anyone making less than $400,000 a year.
Okay, let’s turn to cost of living then Brandon.
Screw Russia whatever the cost!! 🇺🇦
If you were a rosy optimist over the state of our nation x the last 70 years, you would have failed miserably, not to mention be a contributory reason why we're in the dumper. But sure, shinny city on a hill and all that stuff.
Hold on to those old used tires. People will soon be burning them for heat.
It’s all part of the evil plan of the communist/globalists!
Reagan won 49 states in 1984 because people liked the results of his policies. That was no miserable failure.
But some are always looking for an excuse to blow their brains because it so bad.
What a genius.
Living that far out, why wasn’t he doing that to begin with seeing he’s a greenie Vermonter? After all, they are ridiculous about their driving speeds there. Gotta save gas by going slows, you know.
I just paid $77 per sheet for 3/4 treated plywood. I think the building boom is about to crash.
The irony of this entire sanctions’ kabuki theatre is Russia is making substantially more on its energy exports after the war than before. Europe is not importing less Russian energy after the start of the war but more, except Russia is receiving 35% more for its product than before the war because the war has driven energy prices up at least 35%. We have not cut back on importing Russian energy and China is taking all Russia will send. Even Ukraine is receiving Russian energy by letting it flow thru the pipeline to Poland and Poland reselling it back to Ukraine. The Swift sanctions sleight of hand trick was for public consumption because 20% of Russian banks were exempted and that was because Europe insisted some Russian banks not be subject to SWIFT sanctions so they could funnel payments to Russia for the Russian energy they were buying. The cold reality is Russia is making money from this war, although that is not why they started it. Meanwhile Biden is exhorting our enemies like Iran and Venezuela to produce and ship more oil after cutting US production over the last year when the only nation producing and exporting less energy this year than last is the US because of his policies
‘Good Cause Eviction’ law: What it could mean for Rochester
Don’t take this personally, but Reagan was 40 years ago and needless to say absolutely nothing from his presidency was sustained. Bush #41 was a latter day Pence. But yeah, wave that tired old banner, regardless of the lack of success.
Inflation: The Democrat destructive economic policy tax.
So when are you biting on the cyanide capsule? Or do you intead plan on moving away from America and off to a glorious workers paradise?
So here comes the conservative silly talk? When faced with reality you tumble into child talk? I'm on a mission to wake Republicans up. No more Reagan dreaming. Get your feet set in the mess we're in today, we need everybody. To ignore our problems by reminiscing about yesterday is to be a coward.
If gas increases $2 per gallon, you have to drive 20,000 miles per year and get only 20 miles per gallon to have in increase annual cost of $2,000. Is this average?
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