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IPFS News Link • Economy - Economics USA

Stockman: Why Does Sleepy Joe Think We Need Another $850 Billion Of Transfer Payments?

•, by David Stockman

That is, from the point at which the evil Dr. Fauci convinced the Donald to pull the plug on MAGA and his own tenure in office, too (of course, 80-year old Dr.  Fauci is still there, fixing to bamboozle yet another notionally "elected" president).  

Still, back in February the Donald was boasting to one and all that he had delivered the greatest economy the world had ever seen and Wall Street apparently agreed, pushing stocks high into the nose-bleed section of history.  

As it happened, the February run rate (annualized) of wage and salary disbursements was $9.659 trillion, which computes to about $805 billion per month. So we would suggest that if $805 billion of monthly wages was enough to justify celebration of the  Greatest Economy Ever, then the shortfall from that benchmark is a solid measure of the hit to US worker earnings that has occurred since February.  

Based on the red bars in the chart below and translated to actual monthly numbers, the  Covid-wage and salary loss computes as follows:  

March: -$25b;  

April: -$76b;  

May: -$61b;  

June: -$43b;  

July: -$31b;  

August: -$19b;  

September: -$12b;  

October: -$6b; 

November: -$3b;  

December est: $0b;  

10-month total: -$276b 

The total of $276 billion of lost paychecks compares to $8.05 trillion of wages and  salaries which would have been earned during that period at the February rate ($805  billion). So the cumulative shortfall through year-end amounted to just 3.4%. 

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