Ed Butowsky, Managing Partner of Chapwood Capital Investment Management, joins Fox News to discuss how rising prices at the pump are draining familiy summer budgets.
While gas prices may be going down “a little,” but too slowly for most of us. The average price for a gallon of gas is more than $1 higher today ($3.78) than it was a year ago ($2.73). These high gas prices are taking a huge bite out of family budgets, especially as we begin the summer travel months.
Even though the prices for oil and gas are high which is causing cost of goods for the consumer to rise, there are reports showing that sales of luxury goods are not suffering. Ed Butowsky explains the reason why the sales of these luxury goods have not suffered is twofold: 1) many people who have not purchased these types of goods have not done so in a long time and are doing so now, and 2) while the stock market has gone up people who have been invested are taking some profits from those investments to purchase these types of goods. However, as Ed points out, these sales reports are not a good indication of how the economy as a whole is doing especially with these high gas and oil prices. The economy is suffering from stagflation.
Moreover, Ed questions the Administration’s claims the economic recovery is on track and we’re moving forward. The increase in gas prices is creating a ripple effect across the economy. These claims may be in certain numbers, but certainly not where it counts like employment, and rising cost of goods. This is impacting everyone especially families that are trying to budget for things to do this summer.
A word about Ed Butowsky:
Ed Butowsky is the managing partner of Chapwood Investment Management and is an internationally recognized expert in the investment wealth management industry. Ed is also a frequent guest on other networks such as CNN, NBC, ABC, Fox News, Fox Business, and Bloomberg to name a few.
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