Insufficient Income

In 2/20, the month before Covid-19, real personal income (including wages, bonuses, rents, dividends, royalties, and interest payments) excluding government monies (such as stimulus checks, unemployment benefits, social security and so on) was $14.23 trillion. In 9/21, the latest month for which there is data, the number was $14.22 trillion and slowly rising. This suggests income growth will not underpin a meaningful rise in consumer spending or boost long-term inflation.