May
14
A $150 Billion Income Windfall Has Disappeared Under the Mattress
ByWhere did the oil savings go?
Mannequins are displayed in a store window as pedestrians walk past in the Center City area of Philadelphia, Penn. on March 21, 2015.
Photographer: Charles Mostoller/Bloomberg
One of the oft-repeated tropes during the bear market in oil last year was that lower fuel costs would serve as a “tax cut for the consumer” that would boost spending elsewhere.
It certainly made sense. Why wouldn’t American consumers spend the hard-earned money they saved at the pump on some new clothes, or some new gadgets, or maybe a healthy indulgence like a Bloomin’ Onion or two? …
A $150 Billion Income Windfall Has Disappeared Under the Mattress
