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Wednesday, July 16, 2008

Squandering the Stimulus

Plus Definition of the Week: Credit Crunch

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How did you spend your stimulus check? If you’re like most Americans, you bought gasoline. Since President Bush signed the tax rebate into law Feb. 13, the average household has spent $1,500 filling the family car, according to research by Wisconsin Public Interest Research Group (WISPIRG).

According to the analysis, since February the average cost for gasoline per household has gone from just more than $60 weekly to almost $100 per week. “If Congress wants to do something long term about high gas prices, it will give people more alternatives to driving,” said Hailey Witt, WISPIRG campaign coordinator, in a statement.

“Unless we make it easier to drive less, Wisconsin families will be stuck in neutral as they spend more and more at the pump.”

To find a map with the best gas prices in the Milwaukee area, go to www.expressmilwaukee.com.


Definition of the Week

Credit crunch: When banks suddenly stop lending, or bond market liquidity evaporates, usually because creditors have become extremely risk averse. (Source: economist.com.)