Seeing the price of gasoline shoot up 70 cents a gallon last week has got me damn near as anxious as watching what Bushco has left of FEMA utterly (deliberately?) bungle the rescue of New Orleans. In December 2003 I paid $1.599 per gallon for Amoco premium; when I passed the gas station just now it was $3.399 per gallon. Now, the last time I witnessed the price of gasoline double in twenty months, the U.S. economy lurched into a recession ten years long, in which, before it was over, the unemployment rate doubled to 11 percent. The working class _still_ hasn't recovered from that decade.
Anxious, anxious, anxious. What I ask of you, lbosters, is to take your advanced knowledge of history and economics, and spin me a plausible tale which explains why I shouldn't expect the same thing to happen a second time.
Yours WDK - WKiernan at ij.net