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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THE TRUTH IS...

what drives Mother Jones' team of 50-plus journalists. The truth is powerful, as evidenced by how hard those with something to hide, or profit to gain, seek to discredit it. The truth, stated boldly and reported meticulously, is what draws so many readers to Mother Jones.

And the truth is, going into the final 4 days of the year we still needed to raise $TK to hit our $350,000 goal and start 2021 on track. It's nerve-wracking, wondering if the big spike we normally see at the end of December is going to be another thing that doesn't go as planned in 2020, or worse, if, now that Donald Trump is set to leave the White House (for longer than a taxpayer-funded golf trip to a property he owns), folks might be pulling back from fighting for the truth and a democracy and think the hard work is done.

It's not, and if you can right now, please consider a year-end donation to support our team's fearless nonprofit journalism so we can close that big fundraising gap and finish the year strong, ready for all that's ahead in 2021. Whether you can give $5 or $500, it all matters in keeping us charging hard, and we'd be grateful.

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