I don’t hear any outrage about this FACT that I’ve noticed since President Biden was elected. GAS PRICES have been going UP UP UP. In my neck of the woods fuel prices are approaching 60 cents per gallon HIGHER since the election. Seems people should be upset by this, but I haven’t heard much outcry in the news.
What does a measly 60 cents mean? Just a few pennies, right?
If a WORKER uses 10 gallons of gasoline per week to commute to a job, to take the kids to school, to buy groceries, that’s $6.00 per week flushed down the toilet, since President Biden, the most popular president in US history, was elected.
What’s $6.00 per week mean? That may seem like a small amount of money.
Let’s look at a 20 year old worker who took that 60 cents per gallon ($6.00 per week, $312 per year) and put it into a Individual Retirement Account (IRA). Let’s assume the worker’s IRA has an annual interest rate of 7% which is how the markets perform over the long term. What does that measly 60 cents mean when the worker reaches the retirement age of 65?
60 cents per gallon would turn into $95,706.55 !!! Just shy of $100 Grand.
If there was a 1% upward variance in the return the 60 cent would become $130,548.93 !!!
President Biden’s pick for Transportation Secretary, Petey Buttigieg, has said that he wants to raise the Federal gasoline tax to take more of your money, to give to gender studies programs in Pakistan I suppose.
I guess we can all flush down the crapper $100,000.00 of OUR MONEY for Pakistanis, or to bail out mismanaged public sector retirement funds, or to give to all the new ‘CITIZENS’ once President Biden gives amnesty to people who have entered into this country illegally.
As the saying goes, “It’s only (your) money“.