Nolte: Soaring Gas Prices Force 61% of Americans to Cut Back SpendingJohn Nolte 15 Mar 2022
“Soaring fuel prices have caused a majority of Americans to drive less and reduce spending in other areas of their household budgets,” according to the latest polling from Rasmussen Reports.
The poll found that “81% of American Adults say rising gasoline prices are a serious problem for their personal budget, including 56% who say higher gas prices are a Very Serious problem.” A mere “18% don’t consider the rising cost of gasoline a serious problem.” Must be nice.
Just as troubling is the effect of exploding gas prices on people’s spending habits. When people stop spending, recessions happen.
When asked if the cost of gasoline has caused them to drive less, 59 percent said yes, while only 36 percent said no.
Here’s the area that could spell the most trouble for the economy…
“Has the rising price of gasoline caused you to reduce spending on other purchases or activities?” A full 61 percent said yes, while only 35 percent said no.
This poll also backs up reports that black Americans are being hit the hardest. On the question of how serious a problem gas prices are, 63 percent of black respondents said “very serious,” compared to 57 percent of white respondents.
Spending creates demand, which creates commerce, which creates jobs in manufacturing, transportation, and retail. Spending is what drives the economy, and when people stop spending, the economy stalls.
Gas costs more now than at any time in our history. Where I live it’s $4.19 a gallon. Diesel is $5.09!
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https://www.breitbart.com/politics/2022/03/15/nolte-soaring-gas-prices-force-61-of-americans-to-cut-back-spending/