ITG Chief Economist: We're Still Guzzling…Just Not Gas!
Everyone is wondering where the extra disposable income is going from the big drop in gasoline prices.
They have fallen, in about a year, from well over $3 a gallon to about $2 a gallon, with a brief stop at decidedly lower levels.
My good friend, Steve Blittz, chief economist at ITG, says Americans are NOT spending the extra bucks on hard goods and business services.
Instead, after topping off their tanks, they top off their tummies! In essence, as soon as we fill up one vehicle, we go fill up another.
The mystery of the missing money has been solved!
Image credit: Mike Mozart, Flickr
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