The Mother-Of-All-Puts

We learned from the Department of Labor this morning that there are still 20 million workers on the unemployment dole, while household spending on goods in October hit an all-time off-the-charts high, rising 8.5% in real terms from a year ago.

But that’s just another measure of the sweeping anomalies that have resulted from an economy simultaneously battered by the Covid-Lockdowns and turbocharged with $3.3 trillion of Everything Bailouts. Parts and pieces are flying every which way—with the only certainty being that it’s not sustainable much longer.

For instance, come January 1 upwards of 14 million of these UI recipients will loose their emergency pandemic benefits (green, blue and yellow portions of the bars). And that is in addition to the $600 per week Federal topper benefit which expired in August, as well as the Trump ordered $300 topper which has now exhausted the $45 billion of Disaster Relief funds that were illegally transferred to these payments as part of Trump’s get out the vote campaign.



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