The State of the American Consumer: Free Pandemic-Money Runs Low

by Wolf Richter, Wolf Street: Stimulus & extra UI dried up. But 16% of “proprietors’ income” in October was PPP money & Pandemic farm aid. Consumers are running low on artificial steam – meaning stimulus money, extra unemployment benefits, money from rents-not-paid and from mortgage-payments-not-made, though they still get a lot of money from cash-out mortgage refis […]