Here’s Why the GOP Doesn’t Care About Pumping More Relief Money Into the Pandemic Economy

I’m having a little trouble finding something both new and interesting to write about today, but luckily for us all the Fed released its latest Flow of Funds report this morning. I may have some additional interesting tidbits to write about later, but for now here’s the basic distribution of national income:

Apologies for the chart being so busy, but the results are pretty clear. As you can see, corporate profits have recovered completely from their pandemic low and proprieters’ income has not only recovered but skyrocketed. Both are at or above their trendline growth from before the pandemic.

And then there’s employee compensation. That’s you and me and all the wait staff and retail employees and so forth who are still furloughed while we wait for the economy to open back up. Employee compensation has not recovered. It’s about $40 billion below its pre-pandemic trendline growth. But hey, what’s $40 billion between friends?

Answer: Quite a bit, actually! This is mostly income lost by those who have been furloughed, which amounts to something like 10 million workers. That comes to an average of about $4,000 each, which is why a one-off $600 stimulus payment is laughable to these folks. Conversely, an extra $300 a week for three months would make them nearly whole.

But as long as corporate profits are doing OK, Republicans just can’t be bothered with this kind of petty detail. I guess that’s why they’re the party of the regular guy, or so I keep hearing from them.

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is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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