From higher gas prices to higher energy bills, American families simply can’t afford President Trump’s reckless war in Iran. I can think of a lot of better ways to spend $100 billion that would make life easier and more affordable for Americans, not harder and less affordable.
$100 billion. That’s our estimate of the cost of the Iran War to American households. That’s nearly $750 per household. This includes the additional U.S. military costs and the higher energy and other prices resulting from the war. This is a big economic blow, but deficit-financed tax cuts have cushioned it. Until now. As of May 16th, the bigger tax refunds Americans have received this year no longer cover the higher costs of gasoline, diesel, and jet fuel caused by the war. The financial pressure is thus mounting quickly, particularly on already hard-pressed middle and lower-income households. With the saving rate about as low as it ever goes, unless the war ends soon and energy prices come down, they will have little choice but to rein in their spending, weighing further on the already sagging economy.