Gas Prices Offset Tax Cuts, Slow Economic Growth
Durham News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Soaring gas prices threaten to offset the benefits of larger tax refunds, disproportionately impacting lower and middle-income families. Economists predict gas could peak at $4.36 per gallon, costing the average household an extra $740. Despite resilience in spending on restaurants, travel, and gadgets, growth forecasts have been cut to 1.9% for the year, with short-term inflation pressure before weaker spending sets in.
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