Pravda would be proud
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America just got a $100-a-month raise
Next time you stop at a gas station, think of it as a $100-a-month tax cut. Or a maybe $100-a-month raise.
The steady drop in gas prices over the last few months has turned into an unexpected form of economic stimulus, coming at a time when the Federal Reserve is trying to cool the economy and battle rising prices with higher interest rates.
Since hitting a record of $5.02 a gallon on June 14, the national average price for regular gas is down $1.10, or 22%, to $3.92, according to AAA. That average has now fallen for 67 consecutive days.
Since the typical US household uses about 90 gallons of gas a month, the $1.10 drop in prices equals a savings of $98.82.
The impact of the extra cash could be a substantial boost to an economy that is showing signs of consumers pulling back on purchasing nonessential items, such as clothing, electronics and household goods.
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@jon-nyc said in Pravda would be proud:
As opposed to “Bidenflation”, which might still win the Economics Nobel.
That's standard tribal wordplay. This narrative about lower gas prices is like a children's book about economics, except this children's book teaches dumb ideas in an infantile way. Most children's books teach good ideas in an infantile way.
