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Can someone explain that US personal income $18.5 Trillion figure? That’s approaching the entire GDP.
by carlsborg 6y ago
Can someone explain that US personal income $18.5 Trillion figure? That’s approaching the entire GDP.
- arkis22 6y agoNational income is ~= national GDP GDP is almost just a fun figure for economists to use in back of the napkin math.
- thephyber 6y ago> Seasonally adjusted annual rate This means that if the trend were to continue for a year, the amount of personal income would be that figure. GDP is always an annual figure. It's not clear if "personal income" is just cash or includes benefits (like health care). It's also possible that people who are laid off / furloughed are dipping into their retirement funds, because the administration gave guidance that doing so right now would not be penalized for those who are economically impacted (please don't do trust me and verify with your accountant).
- mrep 6y agoThe federal government is giving unemployed people 600 per week (31,200 a year, 15 an hour on a 40 hour work week) on top of state benefits regardless of their income so anyone making less than that is making more on the federal government alone which is why total income has gone up.