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ZeroHedge/Tyler Durden/4-30-2021
“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 mind-blowing $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.”
USAGOLD note: To put that 34% in perspective, Durden points out that in the 1950s and 1960s only 7% received government checks. He goes on to say that it is the middle class that is footing the bill. A good many will ask, after seeing the chart below, whether or not we have reached a new permanent plateau.
Sources: St. Louis Federal Reserve, U.S. Bureau of Economic Analysis
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