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Spiking gas prices tied to Iran war are set to eat up tax refunds touted by Trump (apnews.com)

submitted 1 day ago by FlashMobOfOne@lemmy.world to c/usa@lemmy.ml

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WASHINGTON (AP) — The U.S. economy was supposed to start the year with a bang, fueled by an unusually large jump in tax refunds from President Donald Trump’s tax cut legislation. Yet spiking gas prices are on track to eat up those refunds, leaving most Americans with little extra to spend.

“Next spring is projected to be the largest tax refund season of all time,” Trump said in a prime-time speech in December that was intended to address voters’ concerns about the economy and stubbornly high prices.

But that was before the Iran war, which began Feb. 28. Oil and gas prices have soared since then, with the nationwide average price of gas reaching $3.94 Sunday, up more than a dollar from just a month earlier.

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[–] Bustedknuckles@lemmy.world 5 points 1 day ago

I think the touted tax benefits have been wholly eaten by national debt servicing, core inflation of goods, and unchecked corporations jacking up prices. Each individually, so we'll need 3-4 times more "savings."

Or a competent government who understands the economy and cares about people