Quote:
Originally Posted by QuikSand
The major disconnect is that the economy is adding jobs (even if most Americans disagree with this unimpeachable fact), and that creates upward wage pressure overall..but if my wage has not increased, then I'm having more trouble paying for gas and whatnot than a year ago, so this sucks. Imperfect system.
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That feels very partisan to me.
The economy is absolutely adding jobs at an incredible pace, but... numbers are still below the February 2020 peak. Getting much closer, though. We'll see if this becomes a recovery or if inflation drops demand enough to send us toward recession. I don't think we know yet.
I don't know where this gas price is the only thing comes from. Your example, yes, of course it's silly to cancel a trip over $15 in gas. But the inflation comes from energy costs, from the grocery store (smaller portions, higher prices) and it's showing no sign of letting up. If you're closer to the poverty line, this is a huge issue.
The price of gas is only one part, but it is an important one not just because of your own gas tank, but the cost to transport everything and the costs associated with housing and selling. Ultimately, manufacturing as well, since almost all plastics are oil or natural gas based and steel and cement require massive amounts of energy to make.