Remember that $0.16 Joe Biden saved you last Fourth of July? In 2022, he is taking summer savings to a whole new level — a bit less than $16, to be exact.
Earlier this week, President Biden called for a three-month pause to the federal gas tax — which sits at slightly over $0.18 per gallon of gasoline — because he “understands that high gas prices pose a significant challenge for working families,” according to the White House.
Despite the publicity that has surrounded the move, a new report from the University of Pennsylvania’s Wharton School revealed that President Joe Biden’s proposal would save Americans a total of $4.79 to $14.31 from July to September.
Indeed, Penn Wharton Budget Model explained earlier this year that because the United States’ gasoline market is “typically characterized by inelastic supply and inelastic demand in the short run,” there would not be a significant change in gasoline consumption spending. Savings would be most tangible in states…
