The combination of rising gasoline prices and the steepest increase in the cost of food in a generation is threatening to push the US economy into a recession, according to Craig Johnson, president of Customer Growth Partners....With gas prices now standing at about $3.90 a gallon, energy costs have now passed 6 percent of spending—a level that Johnson says is a "tipping point" for consumers. "Energy is not quite as essential as food and water, but is a necessity in today's economy, and when gasoline costs more than bottled water—like now—then it takes a huge bite out of disposable spending," he said, in a research note.I personally, can't afford another recession as the last one has rendered me nearly desitute.
Friday, April 22, 2011
I live in metropolitan Baltimore area. In the past several months, I and my wife have struggled to get by. Rising prices of basic staples such as...bread, beef, chicken combined with a steep rise in the cost of gasoline-diesel have nearly pushed us back over the edge. The Obama administration and their enabler's in the MSM would have us believe that we're not on the brink of another recession, but we are.