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Disposable Income Suffers Biggest Drop in 50 Years
Posted By Daniel Greenfield On March 1, 2013 @ 11:51 am In The Point | 4 Comments
Just keep saying to yourself over and over again, “It’s a recovery, it’s a recovery, it’s a recovery.” Then click your heels 3 times and you’ll still be in the Land of Hope and Change, where there’s no hope for change until 2016.
Incomes slumped 3.6 percent, sending the saving rate down to the lowest level since November 2007.
Disposable income, or the money left over after taxes, dropped 4 percent after adjusting for inflation, the biggest plunge since monthly records began in 1959. The drop also reflected the lapse of the payroll tax holiday. Excluding the effect of the tax and other special factors such as the timing of bonuses and dividends, disposable personal income would have increased 0.3 percent in January, the same as in December, the report said.
But luckily made sure that people who actually work for a living pay their fair share over to Obama voters who protest for a living.
But who needs income anyway? It’s not like economic productivity matters. Just print up some more bonds, sell them to China and spend more money. Anyone can do it. When the credit ratings agencies complain, sue them. That will buy you another year or two.
And then when it all comes crashing down, just keep clicking your heels. It’s bound to pay off.
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