Moody's: Iran war costs U.S. families $100 billion through military spending and higher oil prices
By
Eleanor Pringle
Plain bagel done well. Pleasantly substantive.
Summary
A Moody's Analytics analysis finds that the Iran war has cost U.S. families approximately $100 billion through a combination of increased military spending and higher oil prices. While deficit-financed tax cuts initially offset the economic blow, the higher costs of gasoline, diesel, and jet fuel now outweigh the benefits of larger tax refunds. With savings rates at historic lows, consumers will likely be forced to cut spending, further weakening an already struggling economy.
Key quotes
· 3 pulledThe Pentagon's Jules Hurst told the House Armed Services Committee at the end of April that the war had already cost $25 billion, most of which has been spent on munitions.
As of May 16th, the bigger tax refunds Americans have received this year no longer cover the higher costs of gasoline, diesel, and jet fuel caused by the war.
With the saving rate about as low as it ever goes ... [consumers] will have little choice but to rein in their spending, weighing further on the already sagging economy.
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