|Big surprise! As anyone who owns a vehicle knows all to well: consumers in the US are increasingly using credit cards to finance basic necessities such as food and gas. Speaking for myself, the pleasure of interacting with my fellow citizens on the highways makes the cost well worth it.
After tax income adjusted for inflation fell 0.1% from January through May, according to figures at the Commerce Department. Meanwhile, the income drop came just as energy prices rose 8.2% and food prices rose 2%, during the same time period, according to figures at the Department of Labor.
Fed chairman Ben Bernake said “The anticipated pickups in economic activity and job creation, together with the expected easing of price pressures, should bolster real household income, confidence and spending” While the Fed chairman can be expected to do some cheerleading, this positive view does not jibe with what I am seeing in my office.
To my mind, Coloradans have always been house poor, then were burdened with skyrocketing healthcare costs, and now, are being hit with ridiculous increases in the price of gas. People are truly struggling.
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