Quoted from gorditas:The national average price for gasoline hit a $5/gallon for the first time in history this week. The vast majority of Americans, including those working in factories making things such as pinball machines, are being absolutely crushed by that and food prices. I honestly don't understand your assessment about a "mild" recession.
Gas is high but still not technically as high as it was in 2008 or 1980 when adjusted for inflation (gas prices for the lat
Quoted from gorditas:The national average price for gasoline hit a $5/gallon for the first time in history this week. The vast majority of Americans, including those working in factories making things such as pinball machines, are being absolutely crushed by that and food prices. I honestly don't understand your assessment about a "mild" recession.
Gas is high but nowhere near as times in the past, relative to purchasing power:
"Gasoline cost $1.25 a gallon back in 1980, but the average worker was only making $6.75 an hour. It took the typical worker about 11 minutes to earn enough to buy a gallon of gas. Now with gas costing $4.17 a gallon, it takes a typical worker making $26.94 an hour just over nine minutes to earn enough to buy a gallon."
https://www.marketwatch.com/amp/story/the-price-of-gasoline-isnt-really-at-a-record-high-in-fact-the-inflation-adjusted-cost-of-driving-a-mile-was-higher-for-most-of-the-past-century-11646770318
Also, cars are a lot more efficient these days (my car gets over 60 miles a gallon; my wife's over 90), so relative to everything people
are not even as affected by gas as they were in 2008.