Click here to view original web page at brownstone.org
Well, here’s another shocker. This Commerce Department report showed that real disposable personal income in March came in at -19.9% versus March 2021.
That staggering shrinkage, of course, is still another testimony to the old saw about “what goes around, comes around.” That is, last March real disposable incomes soared by nearly 29% owing to the massive Biden stimulus payments. But since then inflation has blasted skyward, even as Washington has run out of nerve on the fiscal stimulus front.
Y/Y Change In Real Disposable Income,February 2020 to March 2022 What this reminds, of course, is that we are not in an ordinary business cycle. Washington simply went berserk on the fiscal and monetary front in response to the economic dislocations caused by Trump’s foolish backing of Covid lockdowns. These massive stimmy eruptions, in turn, have created unprecedented turmoil and fluctuations in the quarterly flows of income and spending.
And, yes, the Donald owns the Lockdown madness of 2020, which caused GDP to plunge at a 37% annual rate during the April-June quarter of that year. After all, no one said he had to listen to the likes of statist bureaucrats such as Dr. Fauci and the Scarf Lady, but he was simply too uninformed, lazy, and timid to send them packing.
In any event, there has never in American history been an explosion of transfer payment free stuff like occurred on the Donald’s watch during 2020 and Q1 2021. And, yes, you can saddle him with a good share of the blame even for Biden’s $1.9 billion spending palooza in March 2021. That’s because it was centered on completing the second $2,000 per person stimmy check that the Donald had loudly brayed for during the 2020 election campaign.
As shown below, the annualized run rate of total government transfer payments (including the […]
We Often Feel Like David Taking on Giants
Today’s Goliath is the Mainstream Media Industrial Complex that brainwashes the masses.
Our mission is very straightforward: To counter the false narratives and nefarious agendas destroying America today. It isn’t easy for obvious reasons; despite incredible growth over the last year we are still a very tiny fish in a huge media pond. But we’re fighting and we will continue to do so, Lord willing, for as long as we possibly can. The battle for America’s present and future is too important for us to back down to the giants that stand in our way.
We need help. I don’t want to say “desperately,” but the need is definitely great. If you have the means, please donate through our GivingFuel page, PayPal, or our Substack page. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!
JD Rucker