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High gas prices widen divide between rich and poor
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| Parent(s) |
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| Contributor | Joshua L. |
| Last Edited | Joshua L. Aug 17, 2005 08:34am |
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| Category | News |
| Media | Website - Yahoo News |
| News Date | Wednesday, August 17, 2005 02:00:00 PM UTC0:0 |
| Description | Though the price of gasoline has risen by more than 60 cents a gallon in the past year, economists have been quick to note that the impact has been limited. That's because the role of energy in today's high-tech, high-finance, health care economy is much smaller than it was in the 1970s, when surging energy costs wreaked economic havoc.
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But though the current price spike is unlikely to generate stagflation or bring back WIN (Whip Inflation Now) buttons, it is being keenly felt by low-income workers, who spend a larger portion of their income on necessities such as food and fuel. For someone who drives 15,000 miles a year and gets 20 miles per gallon, a 60-cent jump means an extra $450 a year at the gas pump.
Though that might not seem like such a big deal to those in the more comfortable classes, it's far from trivial for workers already struggling with soaring costs for housing and health care.
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