""The energy shock is to going to hit those who have the least cushion. And it doesn't look like those tax refunds are going to be here to save them.""
""Next spring is projected to be the largest tax refund season of all time, but that was before the Iran war, which began Feb. 28.""
""Gas prices are likely to remain elevated for some time, even if the war ends soon, because shipping and production have been disrupted and will take time to recover.""
""The notion that gas prices decline much more slowly than they rise is so ingrained among economists that they refer to it as the 'rocket and feathers' phenomenon.""
The U.S. economy was anticipated to benefit from significant tax refunds due to Trump's tax cuts. However, rising gas prices, exacerbated by the Iran war, are diminishing these benefits. The average gas price has surged to $3.94, impacting consumer spending. Economists predict slower growth as households divert funds to fuel instead of discretionary spending. Lower and middle-income families will be disproportionately affected due to their higher gas expenditure relative to income. Projections suggest gas prices may peak at $4.36 per gallon, with a slow decline thereafter.
Read at Fast Company
Unable to calculate read time
Collection
[
|
...
]