Thursday, October 29, 2009
Yep, its that bad
After some crosstalk with fellow members of the commentariat at Calculated Risk, one remark was "Are you sure? It can't be that bad!"
So I made a clean download of the data from the Bureau of Economic Analysis (BEA) Table 2.1 (FD: well, I took all the Section 2 tables because I could). From Line 1, Personal Income I subtracted Line 17, Government Social Benefits to Persons. I then Q1 from the first year of the series from Q1 of the second year of the series and then copy/pasted to the end of the data...producing the graph above (with at least the y-axis labeled, another hat tip to RATM).
Yes, it's that bad.
BEA NIPA Tables
Edit: after some discussions regarding normalization, here is the (YoY change in personal income - govt benefit payments)/(personal income - govt benefit payments)