According to a new report, inflation is taking its toll on Sin City as fewer tourists visit the gambling Mecca, and people spend less than usual.
The University of Las Vegas business school released a report predicting the city’s economic outlook between 2022 and 2024 and noted that its economy worsened in June of this year, according to Fox 5.
“Interest rates have gone up. And we know that we know that prices are going up too. And that’s what the Fed is trying to get their hands around and solve. So it may be that the Fed’s policy will have an effect not only . nationally, but it also affects our economy locally,” one of the study’s authors, Professor Stephen Miller, told the outlet.
Miller’s findings indicate that Las Vegas has had fewer and fewer visitors since this summer when adjusted for the wave of holiday travel.
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While the rise in inflation has cooled somewhat since the end of summer, the issue remains top-of-mind for most Americans.
The Federal Reserve adjusted interest rates in an attempt to bring down inflation, but some members criticized President Biden’s efforts to solve the problem.
Austan Goolsbee, the new president of the Federal Reserve Bank of Chicago, criticized Biden’s call to cap gas prices, arguing that a tax on oil companies would only exacerbate the problem.
Biden, however, has been a vocal supporter of a sales tax on oil companies, which he blamed for higher gas prices in the wake of the Ukraine war. He also asked Congress stop the federal gas tax.
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“They – they have the opportunity to do this – lower the price for consumers at the pump,” Biden pointed out during a speech on October 31. “You know, if they don’t, they will pay a higher tax on their excess profits and face other restrictions.”