{"id":1498225,"date":"2022-05-31T13:00:15","date_gmt":"2022-05-31T17:00:15","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1498225"},"modified":"2022-05-31T13:00:19","modified_gmt":"2022-05-31T17:00:19","slug":"two-summers-ago-americans-feared-covid-would-ruin-their-vacations-now-they-fear-the-economy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/two-summers-ago-americans-feared-covid-would-ruin-their-vacations-now-they-fear-the-economy\/","title":{"rendered":"Two Summers Ago, Americans Feared COVID Would Ruin Their Vacations. Now, They Fear The Economy."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftwo-summers-ago-americans-feared-covid-would-ruin-their-vacations-now-they-fear-the-economy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1498225&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Two summers ago, COVID-19 killed many Americans\u2019 travel plans. Now, it\u2019s inflation and prices at the pump.<\/p>\n<p>According to a <a href=\"https:\/\/www.ahla.com\/sites\/default\/files\/mc_summertravel_onepager_05.25.22_0.pdf\">survey<\/a> conducted by Morning Consult on behalf of the American Hotel &#038; Lodging Association (AHLA), 57% of Americans are \u201clikely to take a family vacation this summer.\u201d However, 90% of Americans have considered \u201cgas prices\u201d or \u201cinflation\u201d when deciding whether to travel. In contrast, 78% listed \u201cCOVID-19 rates.\u201d<\/p>\n<p>\u201cThe pandemic has instilled in most people a greater appreciation for travel, and that\u2019s reflected in the plans Americans are making to get out and about this summer,\u201d AHLA CEO Chip Rogers said, according to <a href=\"https:\/\/www.cnbc.com\/2022\/05\/31\/gas-prices-and-inflation-overtake-covid-as-top-travel-worry-.html\">CNBC<\/a>. \u201cBut just as Covid\u2019s negative impact on travel is starting to wane, a new set of challenges is emerging in the form of historic inflation and record high gas prices.\u201d<\/p>\n<p>Indeed, Monday marked the <a href=\"https:\/\/www.dailywire.com\/news\/heres-how-much-gas-prices-have-risen-since-last-memorial-day\">highest Memorial Day gas prices<\/a> in more than a decade, according to data from AAA and the U.S. Energy Information Administration. Prices at the pump hit $4.62 per gallon on Memorial Day 2022 \u2014 53% higher than the $3.03 per gallon on Memorial Day 2021 and 136% higher than the $1.96 per gallon on Memorial Day 2020.<\/p>\n<p>Even before COVID-19 and lockdown policies suppressed driving demand at this time two years ago, gas prices were roughly $2.85 on Memorial Day 2019 \u2014 meaning that today\u2019s prices are 62% higher than equivalent pre-pandemic levels.<\/p>\n<p>Likewise, inflation is <a href=\"https:\/\/www.statista.com\/statistics\/273418\/unadjusted-monthly-inflation-rate-in-the-us\/\">markedly higher<\/a> than past rates as Americans head into the summer of 2022. Inflation, as measured by percentage change in the Consumer Price Index (CPI), was 4.2% in April 2021 \u2014 already higher than the 2% rate typically targeted by the Federal Reserve. In April 2022, inflation was 8.3% \u2014 a level that had not been seen in 40 years.<\/p>\n<p>Other surveys likewise indicate that Americans are wary of high living expenses as they plan for the summer.<\/p>\n<p>A poll from Echelon Insights <a href=\"https:\/\/www.dailywire.com\/news\/summer-canceled-inflation-kills-vacations-summer-camp-for-kids-poll-finds\">found<\/a> that 75% of parents are \u201cextremely\u201d or \u201cvery\u201d worried about the \u201crising cost of everyday purchases like food or gas.\u201d When asked if their households have \u201cchanged or canceled plans for a family trip\u201d because of inflation, 51% answered positively \u2014 and 41% said they \u201cchanged or canceled activities for my children like camp or extracurricular activities.\u201d<\/p>\n<p>Indeed, the most recent Personal Consumption Expenditures Price Index (PCEPI) report from the <a href=\"https:\/\/www.bea.gov\/news\/2022\/personal-income-and-outlays-april-2022\">Bureau of Economic Analysis<\/a> showed that the metric rose 4.9% year-over-year in April. Because inflation is still outpacing gains in income, Americans appear to be <a href=\"https:\/\/www.dailywire.com\/news\/americans-draw-from-their-savings-to-fuel-summer-costs-new-inflation-report-says\">reaching into savings<\/a> to cover their expenses. In April, households only saved 4.4% of their after-tax income \u2014 the lowest level seen since 2008.<\/p>\n<p>Another <a href=\"https:\/\/www.bea.gov\/sites\/default\/files\/2022-05\/gdp1q22_2nd.pdf\">Bureau of Economic Analysis<\/a> report released last week shows that the United States economy shrank at a 1.5% annual rate during the first quarter of 2022. The dismal results \u2014 which represented the most severe drop since Gross Domestic Product (GDP) plummeted by 31.2% in the second quarter of 2020 \u2014 were worse than the 1.3% Dow Jones estimate and a write-down from the originally reported 1.4%, according to <a href=\"https:\/\/www.cnbc.com\/2022\/05\/26\/first-quarter-gdp-declined-1point5percent-worse-than-thought-jobless-claims-edge-lower.html\">CNBC<\/a>.<\/p>\n<p>The United States economy had been <a href=\"https:\/\/www.bea.gov\/news\/2022\/gross-domestic-product-fourth-quarter-and-year-2021-advance-estimate\">rebounding<\/a> from COVID-19 and the lockdown-induced recession \u2014 expanding at a strong 5.7% in 2021 after contracting 3.4% in 2020. However, the economy has been plagued by various economic phenomena \u2014 including <a href=\"https:\/\/www.dailywire.com\/news\/consumers-disliked-2021s-economy-more-than-2020s\">persistent inflation<\/a>, <a href=\"https:\/\/www.dailywire.com\/news\/biden-slammed-for-remarks-on-enormously-high-gas-prices-theyre-saying-the-quiet-part-out-loud-now\">high gas prices<\/a>, <a href=\"https:\/\/www.dailywire.com\/news\/inflation-worries-remain-near-record-highs-boding-poorly-for-economy\">low consumer confidence<\/a>, and the <a href=\"https:\/\/www.dailywire.com\/news\/economist-warns-that-world-is-in-early-stages-of-very-significant-recession\">Russian invasion of Ukraine<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two summers ago, COVID-19 killed many Americans\u2019 travel plans. Now, it\u2019s inflation and prices at the pump. According to a survey conducted by Morning Consult on behalf of the American Hotel &#038; Lodging Association (AHLA), 57% of Americans are \u201clikely to take a family vacation this summer.\u201d However, 90% of Americans have considered \u201cgas prices\u201d &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1498305,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1498225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1498225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1498225"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1498225\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1498305"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1498225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1498225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1498225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}