A Record 34% Of All Household Income In The US Now Comes From The Government
The next time one of your progressive friends starts prattling on about sustainability, show them this:
We are referring, of course, to Personal Current Transfer payments which are essentially government sourced income such as unemployment benefits, welfare checks, and so on. In March, this number exploded to a mindblowing $8.1 trillion annualized, which was not only double the $4.1 trillion from February, but was also $5 trillion above the pre-Covid trend where transfer receipts were approximately $3.2 trillion.
We’ve been spending our way into oblivion for a long time — Wuhan Flu and Presidentish Biden are just speeding things up.
Really, we care very deeply about the coming fiscal panic/crash/worse… but if Washington doesn’t, why should we?"
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