Andy Serwer 's June 18, 2022 Morning Briefing
Andy Serwer’s June 18, 2022 Morning Briefing is completely out of touch with reality. In his Briefing, he laments that “Of all the financial foibles to come to the fore this year . . . none has hit the average American more forcefully than rising gasoline prices.” It is curious that he writes that it “has hit the average American.” The “average American” represents 79% of those Americans who reside in a family.
Mr. Serwer then describes three steps he believes can alleviate the American family’s economic loss. He is 0 for 3 in his steps in his so-called fight of soaring gas prices for the average American family.
Step 1: Drive less - Many Americans rely on driving to get to work, and live paycheck to paycheck. Gas prices over the last year have risen almost 50% (60% YTD per his post). Does Mr. Serwer really suggest that American families drive half as much as they need to maintain their current level of income?
Step 2: Buy an electric vehicle. The average cost of an electric vehicle these days is $55,000 which is $20,000 more than the average sedan. Again, Mr. Serwer is completely out of touch if he thinks that the American family can afford an additional $20,000 to buy an EV.
Step 3: Buy Exxon Mobil stock. This step is ridiculous! The average American family doesn't have enough funds to purchase stock, let alone would it be advisable to invest in one single company. (And Mr. Serwer is the editor-in-chief of Yahoo Finance recommending this all-ones-eggs-in-one-basket strategy!).
Perhaps Mr. Serwer is “trolling” the reader as he suggests in his post, but it appears not since he closes the article with the 3 “steps to fight soaring gas prices”, none of which have any value.