Pain in the Gas:
Gasoline prices up 20% from year ago to $2.83 (AAA nationwide avg.); Since the average American buys an estimated 656 gallons of gasoline per year, that’s an extra $315 or so /1
Gasoline prices up 20% from year ago to $2.83 (AAA nationwide avg.); Since the average American buys an estimated 656 gallons of gasoline per year, that’s an extra $315 or so /1
For higher earners who are seeing big gains from Trump’s tax cuts, an extra $315 is meaningless—but it’s painful for many of Trump’s supporters, who tend to skew lower-income, and are getting much less from the tax cut bill /2
The bottom-fifth of taxpayers are getting an extra $60 or so in tax relief this year; the middle quintile about $950. So a 20% jump in gasoline prices (approx. $315 more per year) is likely a painful data point. Tariff war is also beginning to bite /3
