Long way to go, after 6 months of Pandemic.
In the bizarre machinery of an economy that depends on consumer spending funded by stimulus and “extend and pretend.”
Most states are also rolling it out. On top of other stimulus programs and housing payment deferrals via eviction bans & mortgage forbearance
Incomes from wages, interest, and dividends sagged from pre-Pandemic era. But stuffed with stimulus, Americans broke records splurging on Goods, as spending on Services, the biggie, lagged far behind.
Over 30 million people lost their jobs while the wealth of America’s 600-plus billionaires ballooned by $434 billion, to $3.4 trillion.
The Pandemic Economy Massively Changed How Americans Buy Stuff.
In 12 Whiplash-Inducing Charts.
“We’re not even thinking about thinking about” slowing the decline of the dollar’s purchasing power — and thereby labor’s purchasing power.
Consumer debt to GDP spikes, but why did credit card balances plunge and new delinquencies decline?
All kinds of weird records are being broken. But it’s scheduled to expire, and then what?