U.S. Incomes Surge... Uh, Because of the Stimulus?




This is just stupid.

I recently celebrated my 2 year anniversary with my company and of course will be sitting down with the boss about the all-important yearly raise. Do we factor in inflation? There's 1.5% right there. But what about the improved production? What about the "thanks for taking such good care of my company" and the "hey, we appreciate that you get out of bed every morning at 6a to work for us"? While the financial products execs are knocking down million dollar bonuses for imploding the economy, I'm wondering wtf FT is thinking with this:

Personal income in the US surged in May thanks to an infusion of government stimulus funds, while consumers raised their spending modestly as confidence about the state of the economy continues to improve.

However, most of the monthly rise was the result of Federal benefit transfers and lower taxes. Americans, still facing rising job cuts and falling home prices, have been hoarding most of the additional funds, lifting the savings rate to a 16-year high in May.

You call an $8 a week tax credit a surge, FT? Are you out of your mind?

San Francisco Muni is going up to $2 a ride on July 1st. My health insurance goes up in August (but thankfully my benefits also improve - private health care FTW and don't you forget it). Good thing I cut out BART by moving to the city, as they have been forced to raise fares as well. (BART also reports that ridership numbers are way down). I hate to break this to you, but there goes that $8.

Sadly, America understood that savings were important but didn't realize this until it was too late. We're like hamsters shoveling seeds into our cheeks but stashing our goods won't do us much good at this point. In fact, you might do yourself well to take a hint from the hamster and store seeds over worthless paper. Come on, now, kids, keep up.

Consumers have accepted "new normal" because they realize they cannot do much to change it. We're complacent anyway. Who cares?

Who just burned this "GS" into my ass with a cattle prod? What's going on? zzzzz

0 comments: