With apologies to the Europeans who were paying $6 for petrol last year, I can now whine about paying $4 for gas here. My next fill-up in my premium gas fired sedan will likely be at $4.09 per gallon, which is actually a bit better than some other local stations here in suburban NY. Regular is at 3.79 and up.
The real shocker was seeing diesel between 4.59 and 4.79! Now, I don't drive a truck or a bus but a lot of people make their livings doing just that, whether it be transportation or simply doing a job that requires hauling of stuff. Where do you think that cost is going to be passed? That's right - back to me and everyone else around here who eats, travels, hires construction and buys products that are shipped in. In other words, everyone.
What would rah, rah American capitalists say now? We can grow our way out of this mess?
Now, I am an American capitalist myself but I am also a realist. There are times when the cheer leading and meddling has to stop as we let the capitalist system correct itself. And it will. And it will come out even better on the other side.