Note: BELOW IS NOT SATIRE:
Will Biden embrace gas tax holiday?
The state of the U.S. economy came under closer examination on Sunday as Biden administration officials attempted to quell talk of a looming recession as they look into potential remedies for skyrocketing costs for Americans. Treasury Secretary Janet Yellen on Sunday maintained that an economic downturn is not “inevitable,” but conceded that the administration is looking into instituting a temporary gas tax holiday to provide relief, albeit on a temporary basis.
Gas prices have risen a great deal and it’s clearly burdening households,” Yellen told ABC’s “This Week” on Sunday. “That’s an idea that’s certainly worth considering.”
The potential move is one that the White House has examined more and more in recent weeks. As
The Hill reported last week President Biden’s economic team has met to broach the subject, which has gained steam in recent weeks as more states have taken similar steps. Maryland, Georgia and Connecticut (to name a few) are among those that have done so in recent months after already high prices increased precipitously mid Russia’s invasion of Ukraine and as the summer travel season begins
The Wall Street Journal
According to AAA, the average cost of a gallon of unleaded fuel is $4.98 – a significant uptick from $3.07 one year ago. However, support behind the idea is by no means universal. Former Treasury Secretary Larry Summers reiterated his prediction of a recession in the coming months — panned the idea as “kind of a gimmick,” adding that “eventually you have to reverse it.”