Iran War Fuel Costs Erase Tax Cut Benefits for US Households, Moody's Finds
By
Wayne Dupree
Lightly toasted, lightly seasoned, mostly correct.
Summary
Moody's Analytics data shows that higher fuel costs from the Iran war have cost the average American household $447 over three months, surpassing the $384 tax cut benefit households received. The energy surge has resulted in roughly $60 billion in extra consumer spending, effectively canceling out the household benefit of the tax cut law the administration is campaigning on. There is potential for costs to reach $2,000 yearly.
Key quotes
· 3 pulledThe war's energy surge has reached roughly $60 billion in extra consumer spending in three months.
The fuel hit has quietly canceled the household benefit of the law the administration runs on.
Moody's finds the Iran war's $447 household fuel hit has erased the $384 tax-cut boost, with a possible $2,000 yearly cost.
You might also wanna read
US inflation rises to 3.8% in April, highest since May 2023, driven by Iran war energy costs
US inflation rose to 3.8% in April, its highest level since May 2023, driven primarily by surging gasoline and grocery costs as consumers in
bbc.com·19d ago
Pentagon seeks $1.5 trillion budget amid unpopular Iran war and soaring inflation
The article reports on Pete Hegseth and Pentagon officials requesting a $1.5 trillion budget (a 42% increase) from Congress amid the ongoing
Rolling Stone·19d ago
Pentagon Reports $11.3 Billion Cost for First Week of Iran War
The Pentagon reported that the first week of the Iran war cost $11.3 billion, with costs tracked in real time through a bottom-up model that
iran-cost-ticker.com·2mo ago