Wednesday, February 22, 2012

The "Hidden" Way Gas Prices Hurt Us

We all know how high gas prices hurt our family budget directly. And many of us realize that every other item we purchase will experience price increases due to increased fuel prices for manufacturers and truckers. But there is an even more destructive way that high gas prices hit all of America - HARD!

The average family is spending $10 per week more for gas than just one year ago, and roughly $30 per week more than when President Obama was elected. That may not seem particularly troublesome until you take the time to think about it...

There are 250 million cars on the roads today. At even $10 per week, that means gas consumes $2.5 BILLION a week extra. At $30 each, that robs the economy of $7.5 billion each and every week. That's $390 billion a year that is not available for purchasing other goods and services. $390 billion that will not be used to create demand that results in jobs.

$390 billion is a lot of refrigerators, cars, boats, clothing and a lot of other goods that will not be purchased, resulting in lower demand and further job layoffs.

Nothing - I repeat, NOTHING - does more economic damage than an increase in gas prices.

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