by David Stockman
LewRockwell.com
In light of Sleepy Joe’s swell new $1.9 trillion package of more free stuff, it’s time to get out our magnifying glasses again. The purpose is to compute the size of the hole in America’s collective paycheck that purportedly requires such continued, extraordinary beneficence from our not so rich Uncle Sam.
To repeat: There is no reason in the world why the February (pre-Covid) level of wage and salary disbursements is not a solid and appropriate benchmark for measuring the pocketbook hit from the Covid-Lockdowns that have wreaked havoc on the US economy since March. That is, from the point at which the evil Dr. Fauci convinced the Donald to pull the plug on MAGA and his own tenure in office, too (of course, 80-year-old Dr. Fauci is still there, fixing to bamboozle yet another notionally “elected” president).
Still, back in February the Donald was boasting to one and all that he had delivered the greatest economy the world had ever seen and Wall Street apparently agreed, pushing stocks high into the nosebleed section of history.