That chart shows real personal income LESS transfer payments--IOW, it 'took out' the effects of Porkulus (and UC, and some other Gummint programs) when calculating personal income.
Ugly.
Read the rest of the linked post, as there are cross-currents regarding "recovery" vs. "double dip."
HT: CalcRisk
Yeah.
ReplyDeleteSo in other words, the chart shows how miserable of a situation this country would be in, had we not done things like cut taxes and extended unemployment benefits, which by the way, were the bulk of the stimulus package spending to date.
This chart is also another example of why the stimulus package should have been much larger in size.