Gas Prices Dampen US Economic Growth
Irvine News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Soaring gas prices, due to the Iran war and production issues, are offsetting the expected boost from tax cuts, leaving the average household with a net increase of $740 on gas. Lower and middle-income families are hit hardest, with potential economic growth slowing to 1.9% and inflation possibly rising short-term. Despite past resilience, prolonged high gas prices could gradually impact consumer spending on travel and dining.
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