Rising food and energy prices could deal a $70 billion blow to the economy, but the recovery is likely to limp along anyway.
If the recent run-up in energy and agricultural commodities persists, U.S. consumers will have to shell out $20 billion more for energy and $50 billion more for food this year, Capital Economics estimates.
Not as miserable?
Among other things, that squeeze on consumer budgets will eat up most of the payroll tax holiday bonus that Americans were supposed to get out of the deal in Congress that extended the Bush tax cuts, at some cost to the deficit. So much for the stimulus bump.
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