Under President Biden’s leadership, more and more Americans are dependent on government cheese (aka, personal income transfer payments0
Personal income transfer payments to person hit an all-time high as The Federal Reserve keeps pumping money into the system.
Government transfeer payments as a percentge of total income is now a whopping 34%.
US Personal Savings Rate is now 27.6%. Which means that the Biden Bonanza of transfer payments are ending up in savings, not being spent.
Biden’s government cheese helped increase personal income by 21.1% MoM, although personal spending increased by only 4.2%.
Will this end and see a return to the free market? Or is this the new normal of Uncle Cheese?