“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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