Thursday, Feb 28, 2008
The US economy faces more trouble and the President is out of touch
Huffington Post: Bush On $4 Gas: "I Hadn't Heard That"
In the US, petrol prices are predicted to reach $4 a gallon this spring. The increases could not come at a worse time for the economy. With growth slowing, energy increases that were once easily absorbed by consumers are now more likely to act as a drag on household budgets, leaving people with less money to spend elsewhere. These costs could worsen the nation's economic woes, piling a fresh energy shock on top of the turmoil in credit and housing. When quizzed at a press conference, Bush responded: "$4 gasoline? That's interesting. I hadn't heard about that." --- Is this a 1970s-style oil shock being played out in slow motion? Or peak oil? Either way it can only lead to one thing: recession.
Posted by drewster @ 11:28 PM (71 views) Add Comment
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