The U.S. war with Iran has dealt a staggering $100 billion setback to American consumers, according to estimates by Moody's chief economist, erasing the financial cushion previously provided by recent tax refunds.
Massive Economic Blow According to Economist Mark Zandi, the cumulative toll of the war has reached nearly $750 per U.S. household.
Zandi warned that the situation represents a massive "economic blow," driven by soaring military expenditures and spiked fuel prices.
Data indicates that additional energy spending surged to $59.7 billion by late May, outpacing tax refunds by $9 billion.
Zandi noted that "financial pressure" is now "mounting" rapidly on lower-income families, forcing severe spending cutbacks that will further weigh down a "sagging economy." Warren Blames 'Big Oil' Washington Democrats are viewing the economic data to launch criticisms against the administration.
