by Wolf Richter
Wolf Street
The government better not ever stop dousing consumers with free money.
The latest wave of stimmies, this time $1,400 a pop, began to wash over our dear consumers in March, and they went out and spent it on everything in sight, except at grocery stores, as they’re still trying to use up their three-year supply of pasta and toilet paper. A few weeks ago, when I reported on consumer spending that had dropped in February as the $600-stimmies from December-January had run out, I predicted: “Waiting for a $1,400-stimmie WTF spike in March.” And what a doozie we got today.