Personal Income Fell Again in August

Personal income dropped again in August:

To provide a bit of context, I’ve included the trendline for income through the end of 2019 and then extended it through August. It shows that income in August is about what it would have been if there had been no pandemic and no special assistance. When we get the September numbers we’ll know if income is finally dropping below the trendline or if it levels out.

Consumer spending shows exactly the opposite trend. It dropped significantly when the pandemic hit and has been rising ever since. But it’s still below the trendline, meaning that we’re all spending less than we would be if the pandemic had never hit.

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Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

payment methods

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