The impact of rising gas prices isn't as bad as you think - Mar. 21, 2012
Well, thanks, CNN for yet another Barack Obama campaign ad disguised as journalism. Do you really think we're that stupid?But for the average American household, which has an income of over $62,000 a year, the increase in gas prices represents a relatively small portion of total spending.
For example, in 2008 gas prices were all over the news when they hit their all time high. But in 2010 when prices fell people barely mentioned them.
Yet spending on gas totaled only $12 more per week in 2008 than in 2010, according to numbers provided by the Bureau of Labor Statistics. That $12 per week is roughly the same amount that BLS figures show people spent on "pets, toys, hobbies and playground equipment."
"The incremental expenditure is not that much," said Akshay Rao, a professor of marketing at the University of Minnesota's Carlson School of Management who has studied gas prices. "But that's not how people think about it."
So our total personal cost for this increase in price is only a measly $12 per week. Thanks for sobering us up. Why are we such wusses?
This is such a childishly conceived and written piece of propaganda. Do you not think we'll notice as the price of EVERYTHING goes up along with gas prices as it costs more and more to deliver goods to retailers? You think it won't register that it'll cost another couple hundred dollars to go see grandma?
I guess I should be grateful, because most people will only be pissed off when they read your pathetic attempt to "psychologize" us. This does not serve your intended purpose whatsoever.
It's time, CNN. At least MSNBC doesn't deny it. Come out of the closet and be who you are.