"Every 50 cent jump in the cost of gasoline takes $70 billion out of the U.S. economy over the course of a year."...
3/16/12, "Consumer Prices in U.S. Rose in February as Gasoline Jumped," Bloomberg, Alex Kowalski
"The cost of living in the U.S. rose in February by the most in 10 months, reflecting a jump in gasoline that failed to spread to other goods and services.
The consumer-price index climbed 0.4 percent, matching the median forecast of economists surveyed by Bloomberg News, after increasing 0.2 percent the prior month, the Labor Department reported today in Washington. The so-called core measure, which excludes more volatile food and energy costs, climbed 0.1 percent, less than projected.
The biggest jump in gasoline in more than a year accounted for about 80 percent of the increase in prices last month, leaving households with less money to spend on other goods and services. Federal Reserve policy makers say the advance in fuel costs will be temporary, and most see little risk inflation will flare out of control as unemployment exceeds 8 percent....
Regular gasoline in February averaged $3.56 a gallon, or 18 cents more than January, according to AAA, the nation’s biggest auto group. It was the highest monthly average since September.
The cost has kept climbing, reaching $3.82 on March 14, the highest in 10 months....
Paychecks are failing to keep up with even limited inflation, another Labor Department report today showed. Hourly earnings adjusted for prices dropped 0.3% in February, and were down 1.1 percent over the past 12 months, today’s report showed."...
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5/27/11, "Gas tanks are draining family budgets," AP, J. Fahey
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Commenter to Bloomberg article above:
"Horace Spinklemiester 52 minutes ago
Longest
period of chronic unemployment in US history, 1 in 4 bad loans, largest debt in US history, most and fastest deficit spending in US
history, largest deficits in US history,
longest period without a budget in US history, most living on welfare in US
history, most collecting food stamps in US history, most living in
poverty in US history, most without health insurance in US history, most
Americans diagnosed with mental illness in US history, first time in US history
that the takers have more disposable income than the producers, highest cost of
energy in US history, highest cost of living since Jimmy Carter, largest
environmental disaster in US history, first president to badmouth the US on
foreign soil in US history, first constitutionally ineligible president in US
history, first president to claim
kinship with Selma despite not even one Black American ancestor … not one,
first president in US history to assassinate a US Border Patrol Agent, first
time in US history more people are working for government than
manufacturing. BTW, Dems have created a
net total of MINUS 6-million jobs since 1995. And now for an
encore: For the first time in US history
our credit rating is downgraded."...
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