Inflation surged in June and workers’ average wages accelerated in the spring – signs that Americans won’t likely feel any relief from rising prices anytime soon and that the Federal Reserve will feel compelled to further raise borrowing costs.
High costs for diesel — the fuel of choice for America’s construction and logistics industries — are rippling through the economy. And even if American oil and gas producers increase production, tough challenges will remain.
Drivers may not be feeling much relief at the pump, but gas prices are coming down.
President Joe Biden said Monday that he will decide by the end of the week whether he would support a federal gasoline tax holiday, possibly saving U.S. consumers as much as 18.4 cents a gallon.
Prices have surged past the $5 a gallon mark at many stations and averaged out at $4.96 in AAA’s latest survey, taking a bigger bite out of household and business budgets and hitting low-income residents hard.
Senate Minority Leader Bruce Tarr cautioned that the forecast on tax relief “doesn’t look very good for the taxpayer” as Senate Democrats on Tuesday rejected his proposed package of tax breaks in favor of developing a different plan somewhere down the line.
One trip to Home Depot for a step ladder, a quick stop for some paper, tape and markers at CVS and President Joe Biden has his latest and greatest economic policy tool ready to roll.
