Consumer Spending Implosion Alert: Americans Spend 4% Of Their Paycheck On Gas, 2% More On Payroll Taxes, Employers Cut Workers’ Hours To Sidestep Obamacare, And Inflation Is Starting To Kick In
February 25th, 2013
4%: Americans Haven’t Spent This Much Of Their Paycheck On Gas In 30 Years
Paid over $4.00 a gallon this weekend. This high this early in the year brings the gas price back on the macro radar screen.
The EIA notes,
Gasoline expenditures in 2012 for the average U.S. household reached $2,912, or just under 4% of income before taxes, according to EIA estimates. This was the highest estimated percentage of household income spent on gasoline in nearly three decades, with the exception of 2008, when the average household spent a similar amount.
A Dollar From Your Paycheck Is 100 Times More Powerful Than A Dollar From The Stock Market