How to End Wars for Oil: Stop Burning Oil Altogether
Progressives all over the world are demanding that there be “no war for oil.” We must also call for the dismantlement of the world’s fossil fuel-dominant global energy infrastructure.
1 min read
Financial Times:
Financial Times
Published: June 26 2009 14:16 | Last updated: June 26 2009 15:33
Personal income in the US surged in May thanks to an infusion of government stimulus funds, while consumers raised their spending modestly as confidence about the state of the economy continues to improve.
However, most of the monthly rise was the result of Federal benefit transfers and lower taxes. Americans, still facing rising job cuts and falling home prices, have been hoarding most of the additional funds, lifting the savings rate to a 16-year high in May.
Households are reverting to a more sustainable spending path vis-à-vis income that allows scope for paying down debt and adding to savings,” said Joshua Shapiro, chief US economist at MFR.
Official figures showed on Friday that incomes jumped by 1.4 per cent last month, or $167.1bn, beating economists' expectations and doubling the previous month’s revised rise of 0.7 per cent.
Read the rest of the article