And I’m not ok with that.
No f-g kidding. Most people don’t make over $300k. Twitter exploded after this article was published.
If your income is more than $289,000 a year, the run-up in gas prices may be alarming — but it’s unlikely to hammer your overall finances. After all, Americans at that level spend no more than 1% of their take-home pay on gas and oil, according to the Bureau of Labor Statistics.
For those earning much less, it’s a different story. Those at the median, with income of about $50,000, spend more than 3% of it on gas and motor oil. Low-income households making between $7,000 and $19,000 spend about 9%. The latest inflation numbers show gas prices jumped 6.6% in February from a month earlier — even before President Joe Biden banned U.S. imports of Russian oil.
It’s obviously not just gasoline prices. Food prices are WAY up!
Food prices are also up, posting their biggest monthly increase since April 2020. There, too, those making less than $19,000 spend much more of their income — almost 15% — compared with higher earners, whose total food spending is just 4% of their income. Households with income of about $50,000 spend 8.5% of it on food.
And now here comes the oblivious advice:
CLUELESS ADVICE #1: To deal with gas prices, it’s worth reconsidering public transportation if it’s an option where you live.
OMG. I just wrote about this. Uggghhhh…. NOT A SOLUTION! Cut gas prices, period.
CLUELESS ADVICE #2: Plan to cut out the middle creature and consume plants directly. It’s a…