The Obama Boom is breaking all economic rules. Low wage job growth is considered good. Inflation is now good as well. Higher oil prices is considered a good thing now. In fact, this article claims that, unlike last time, higher energy prices will not derail consumer spending. The Fed report that despite inflation, the economy is rock solid! After all, the Obama Boom is something that occurs every 100,000 Years!
For the average American who drives about about 15,000 miles a year and uses roughly 750 gallons of gas annually, that dollar increase per gallon has eaten about a $750 hole into the household budget per car.
Americans have seen prices this high at the pump before, during the spike in 2008. Analysts expect to see the same kind of individual spending cutbacks we saw then.
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This time around, already accustomed to paying higher prices, customers may be feeling a little less sticker shock and be better prepared to make alternatives.
Read the rest: Why High Gas Price Effects May Be Different This Time
Obama really is a magician. Only with him as President can an increase in inflation and energy costs not effect consumer spending. This is a miraculous economic boom that has never occurred. The truth is, there’s no Obama Boom occurring. But let’s not ruin the media’s spin with facts!
Tags: Energy Costs, Inflation, Obama Boom
