Of course, that was before American gas pumps started ringing-up the gallons at an even faster rate than had been experienced in sometime. Now, almost a week after Geithner's “expert” prediction, worries over inflation and a backsliding economy are rising along with the average price-per-gallon cost of gasoline (which threatens to top $5, soon).
Contradicting Sec. Geithner today was Federal Reserve Chairman Ben Bernanke, who told Congress that a prolonged rise in oil prices would pose a danger to the
According to a story in the Los Angeles Times, however, “If gasoline prices rise to $3.75 a gallon and stay there for a year, it could mitigate the benefit of the Social Security tax cut, economists said. The economy would still grow, but it wouldn't get a boost from people spending more on goods and services. If gasoline prices went as high as $5 a gallon, spending cuts by consumers and businesses could push the