Personal Income is on the rise not because U.S. Productivity is increasing, but because the Federal Government decided it was a good idea to print Dollars and distribute them to Americans. This does not make for a sustainably strong economy. Many of these new pandemic “entitlements” (i.e. welfare) are not going away. Mid-term elections are around the corner and a general election will follow shortly thereafter. Republicans in Congress will fall in-line and support the Biden Administration’s money printing economy so long as enough pork is thrown in their direction. Further, I’m not buying Jerome Powell as the adult in the room. Dallas Fed President Robert Kaplan may be the adult in the room given his recent dissent on Fed tapering, but his influence is limited.
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Click HERE to view or download the PDF of Friday’s release by the Bureau of Economic Analysis on the effects of Federal pandemic welfare programs on Personal Income. Access the Excel version HERE. We have highlighted key pandemic welfare expenditures below. Reach us with questions at email@example.com.