has doubled, in the united states, a recession has followed. we don t want that richard, hold on a second. steven lieb is the author of game over. steven, the last year at this time, the average price for a gallon of gasoline, which mistakenly is where most people think they feel oil, we actually feel it in far more places than gasoline. the average price for a gallon of gasoline was $2.69 this week. a year ago. now it s up to $3.29, with all sorts of dire predictions about how high it can go. at what price do we start to see real political and economic fallout as a result of rising oil and gas prices. i would say around $4 would be the magic number for gasoline, ali. and richard makes a very good point or ubs or somebody. nomura, about the 100% increase. it s really 80% to 100%. and every time, with the exception of 87 and that
journal. stephen, congress has gone to the wire in many cases and averted a shutdown. what does a deal look like to keep the lights on in washington beyond friday? in most cases, the doomsday scenario is averted. but you remember 1995, and 1996, when we did have a government shutdown and that was that famous budget standoff between bill clinton and newt gingrich. so it could happen, ali and nobody wants it to happen. although neither side is taking steps to avoid it from happening. 23 it happens, it means that all the nonessential functions of government stop operating. and the one thing a lot of people have been asking us about is social security. those checks will still go out. but a lot of things won t happen. and most people don t think about how tied they are to the federal government until something like this happens. harold larson is an op-ed columnist with the washington post. a u.s.a. today /gallup poll shows that two-thirds of americans, 60% of americans wan
safe. your money starts now. higher taxes for the rich, but will it be enough? welcome to your money. i m ali velshi. can the administration really combat our massive and growing debt without eventually raising taxes on many more americans? stephen moore is an editorial writer with the wall street journal. stephen, even you could probably stomach some tax increases for some people, maybe the wealthiest. what s your concern here, that it s going to have to go beyond the wealthiest of americans? i don t think we should be raising taxes on anybody, especially now when the economy is so wobbly and the recovery seems like it might be sliding into a double dip recession. i think the worst idea of all is to raise tax rates. i think we ought to recognize the united states as a glowery deep, recession. i don t think raising tax rates is going to make us more competitive. we ve got to get this budget under control. we ve seen about a $1 trillion increase in spending. another th