Richardcyoung.com

The Online Home of Author and Investor, Dick Young

  • Home
  • How We Are Different
  • About Us
    • Foundation Principles
    • Contributors
  • Investing
    • You’ve Read The Last Issue of Intelligence Report, Now What?
  • Your Survival Guy
  • The Great Reset
  • COVID-19
  • My Rifles
  • Concentrate on Dividend Record and Compounding
  • Your Security
  • The Swiss Way
  • Dick Young
  • Debbie Young
  • Key West
  • Paris
  • Dick’s R&B Top 100
  • Liberty & Freedom Map
  • Your Health
  • Ron Paul
  • Bank Credit & Money
  • Freedom Force
  • Dick Young’s Safe America
  • Bank for International Settlements

Trump Built the Foundation for a 2021 Consumer Boom

March 1, 2021 By The Editors


President Donald J. Trump signs a Presidential memorandum for continued student loan payment relief during the COVID-19 pandemic Saturday, Aug. 8, 2020, at a news conference in Bedminster, N.J. (Official White House Photo by Shealah Craighead)

Actions taken during the Trump administration have pumped Americans’ personal savings rate up to levels not seen since the mid-1970s. All that money could provide the foundation of a powerful consumer boom in the years to come. The WSJ reports:

Pandemic aid to households is pouring money into the U.S. economy, priming it for rapid growth this year.

Household income—the amount Americans received from wages, investments and government programs—rose 10% in January from the previous month, the Commerce Department said Friday. The increase was the second largest on record, eclipsed only by last April’s gain, when the federal government sent an initial round of pandemic-relief payments. Household income has risen 13% since February 2020, the month before the pandemic shut down large segments of the economy.

January’s increase in household income was almost entirely due to federal pandemic-relief aid included in a $900 billion stimulus program signed into law in late December. That package included one-time cash payments of $600 and a special weekly unemployment benefit of $300 that the government started sending to households.

There will likely be more government money flowing into the economy soon. The Democratic-led House on Friday was expected to narrowly pass a $1.9 trillion Covid-19 aid bill that would extend additional pandemic aid, including $1,400 per-person payments for many Americans. It would then go to the Senate, where Democrats hope to pass the package through a procedure that doesn’t require votes from Republicans, who have attacked it as too large.

Americans last month spent a chunk of their income, boosting spending by 2.4%, the first gain in three months. Households spent broadly on goods, particularly long-lasting big-ticket items. Spending on services also increased for the first time since October.

But households also stashed much of the money: Household savings totaled $3.9 trillion last month, up from $1.4 trillion last February.

“The levels are off the charts,” Joseph Brusuelas, chief economist at RSM US LLP, said of the cash reserves. “You’re going to see the fuel for a pretty big consumer-led boom this year, which will spill into next.” He expects the economy to grow 6.5% or more this year.

If you’re willing to fight for Main Street America, click here to sign up for the Richardcyoung.com free weekly email.

Related Posts

  • Trump has Built the Perfect Foundation for America.
  • Consumer Confidence Soars in the Trump Economy
  • Trump Economy: Consumer Sentiment Highest in 15 Years!
  • Trade Gap Narrows: The Trump Economic Boom Continues
  • Author
  • Recent Posts
The Editors
Latest posts by The Editors (see all)
  • Rep. Maxine Water to Rioters: “You’ve Got To Get More Confrontational.” - April 19, 2021
  • Questionable 2020 Races in New Hampshire Will Get Forensic Audit - April 13, 2021
  • The Clear Disaster that Is Joe Biden - April 9, 2021

Dick Young’s Must Reads

  • “Some Sixty Million People Died in World War II”
  • Sen. Hawley Makes the Case Against U.S.-China Relationship
  • What Do You Know About Rho-Kinase?
  • 751 “No-Go” Zones in France
  • We’ll Burn the Place Down!
  • Can Ginger Combat Heart Disease and Improve Circulation?
  • The Simple, Elegant Power of the Retirement Compounders
  • V4 Stands Against North African and Middle Eastern Invasion
  • Sweden – Not a Socialist Paradise, but a Model of Ruthless Capitalism
  • VIDEO: Carlson “Biden’s Fading Intellect an Opportunity for Democrats Who Want to Control Him”

Our Most Popular Posts

  • What's the Best Survival Currency?
  • One Word Explains the Worth of Your Neighbors’ House
  • Boycott Corporate Cancel Culture
  • Former Pfizer VP Blows the Whistle on COVID Mortality Rate Scam
  • Gold’s 50-Year Price Explosion
  • RECONSTRUCTION: The Confiscation of All His Property
  • Move from Mass., Conn., Vermont, Maine to New Hampshire
  • CBS – Picking on the Ron Guy
  • COVID Mask Wearing Buffoonery
  • Demography Is Destiny: You Will Rise and Stand

Disclosure

RSS Youngresearch.com

  • The Vanguard Wellesley Way
  • The Three Bubbles Threatening Your Portfolio Today
  • Turkey Bans Bitcoin
  • Crushing Words to Avoid: “We’re Disappointed in You”
  • How Amazon Violates Anti-Trust Rules
  • Why Service Is King in 1(800)# Teenage Wasteland
  • Long Live the Dividend King
  • Your Port Against a Storm.
  • Inflation? Yes.
  • Banks Prepare for Boom

Work to Make Money/Invest to Save Money

Key West Greetings From the Thirsty Mermaid

Dale’s Diner – No Más

How Did You Save So Much Money? I Really…

Will Herschel Walker Run for Senate in Georgia?

“The Democratic Party is Dying.”

Copyright © 2021 | Terms & Conditions | About Us | Dick Young | Archives