In an article on the price of oil in today's Times, reporters Jad Mouawad and David Leonhardt bury a key finding on the second page (of the online version). They deadpan: "the portion of income that Americans save each month, on average, has now fallen to zero, according to the government."
Now, they are paraphrasing a government report. If they are accurate, what does it mean that the average American saves nothing each month? What percentage cannot cover costs? With oil prices rising much faster than our lifestyles or public policies are changing, what will happen this winter, when the price of fuel effects not just transportation, but heating?
By the way, UPS's energy cost jumped 45% in the second quarter this year.
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