Inflation Down-Wages Up-Gas Prices Down: Bring on the Recession
Bob Willis
19 November 2008
One Comment
The cost of living in the U.S. fell by the most on record as fuel costs plummeted and retailers used discounts for cars and clothing to entice consumers hobbled by job losses and sinking home values.
Consumer prices plunged 1 percent last month, more than forecast and the most since records began in 1947, after being unchanged the prior month, the Labor Department said in Washington. Excluding food and energy, so-called core prices unexpectedly fell for the first time since 1982.
Read the Full Story: http://www.bloomberg.com/apps/news?pid=20601068&sid=aEUKE5CH6LeU&refer=home
Having been on the road recently, I wonder how our local and state politicians manage to waste so many of our tax dollars?
While in Michigan, the cost of fuel was $1.84 per gallon for regular, unleaded gasoline. The best price that I could find in suburban Chicagoland was $2.31 per gallon. The key difference in terms of the price per gallon is taxation. Municipal, county and state taxes increase the cost of fuel in Illinois. The state actually double taxes gasoline sales. Where does all of this tax revenue go to? All of our politicians are crying broke constantly despite having record levels of taxation. What are they doing to waste all of the tax income that the governmental bodies are receiving now?
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