The nicely curving trend line goes up, but the actual economy has never really recovered from the Great Recession of 2008. After resuming an upward climb since then, the GDP is tanking again due to the pandemic. As US Person rudely points out, GDP is driven largely by consumptive spending. An increasing share of any postwar economic expansion benefits the already rich. Certainly, the extra $600 a week check helped out unemployed poor families, but a lot of people stashed it in the face of hard times to come. Those savings do not help the GDP which has suffered the greatest loss since 'Merica demobilized in 1946:
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| chart credits: D. Henwood |
Yet our plutocratic masters of the regime are quibbling about giving the lazy lumpen proletariat another dose of needed cash. Six hundred dollars a week fades into chump change when compared to the $16 trillion the Fed has doled out to keep Wall Street flush. Check this out: the price of gold is now over $2000 an ounce. Without direct payments to consumers, the economy will deflate further and the depression lengthened. The secret is out: they got theirs, and they do not give a rat's ass about the rest of US.
"Its the greatest!...."