{"id":200477,"date":"2021-03-30T18:10:00","date_gmt":"2021-03-30T23:10:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2021\/03\/30\/this-cant-be-good-2\/"},"modified":"2021-03-30T18:10:00","modified_gmt":"2021-03-30T23:10:00","slug":"this-cant-be-good-2","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2021\/03\/30\/this-cant-be-good-2\/","title":{"rendered":"This Can&#8217;t Be Good"},"content":{"rendered":"<p>With all the signs pointing to explosive economic growth in 2020, economists are generally predicting a growth rate greater than 5%, the news that <a href=\"https:\/\/angrybearblog.com\/2021\/03\/personal-income-decreased-1516-6-billion-in-february#utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=personal-income-decreased-1516-6-billion-in-february\">personal income fell by $1,516.6 billion (7.1%) from January to February<\/a> is a pretty dire data point.&nbsp;<\/p>\n<p>Obviously, there were some freak conditions in February, the massive Texas blackouts come to mind, but this is pretty grim news:<\/p>\n<blockquote><p><span style=\"color: #2b00fe;\">Hence, when <a href=\"https:\/\/www.bea.gov\/news\/2021\/personal-income-and-outlays-february-2021\">the opening line of the press release for this report<\/a> tell us \u201c<i>Personal income decreased $1,516.6 billion (7.1 percent) in February<\/i>\u201c, that means that the annualized figure for US personal income in February, $19,945.6 billion, was $1,516.6 billion, or roughly 7.1% less than the annualized personal income figure of $21,462.2 billion for January; the actual change in personal income from January to February is not provided\u2026similarly, annualized disposable personal income, which is income after taxes, fell by nearly 8.0%, from an annual rate of an annual rate of $19,210.5 billion in January to an annual rate of $17,678.2 billion in February\u2026the components of the monthly decrease in personal income, which can be seen in the <a href=\"https:\/\/www.bea.gov\/sites\/default\/files\/2021-03\/pi0221.pdf\">Full Release &amp; Tables (PDF)<\/a> for this release, are also annualized figures\u2026in February, the reason for the $1,516.6 billion annualized decrease in personal income was a $1,584.1 billion annualized decrease in government social benefits to individuals, which was only slightly offset by a $37.7 billion annualized increase in business &amp; farm proprietors\u2019 income and a $15.6 billion annualized increase in interest and dividend income\u2026wages and salaries, which fell by an annualized $0.2 billion, were barely a factor in February\u2019s personal income change . . . <\/span><\/p><\/blockquote>\n<p>Not great economic news. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>With all the signs pointing to explosive economic growth in 2020, economists are generally predicting a growth rate greater than 5%, the news that personal income fell by $1,516.6 billion (7.1%) from January to February is a pretty dire data point.&nbsp; Obviously, there were some freak conditions in February, the massive Texas blackouts come to &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,992],"tags":[],"class_list":["post-200477","post","type-post","status-publish","format-standard","hentry","category-economy","category-statistics"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/200477"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=200477"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/200477\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=200477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=200477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=200477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}