What you'll read in the papers is this:Personal income increased $67.0 billion, or 0.5 percent ... Personal consumption expenditures (PCE) increased $60.7 billion, or 0.6 percent.
Uh-huh. Except for the inconvenient chart (above.)
"Personal Income" LESS transfer payments (government assistance like Social Security, UC, foodstamps, EITC, etc.) is just awful. Miserable. Terrible. Horrible.
In other words, if it weren't for Gummint handouts, "personal income" would be down, not 'up,' as BEA reports it.
HT: CalcRisk
1 comment:
When did Social Security benefits become "handouts"? Interesting.
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