Do you disagree that aggregate personal income was massively enhanced through stimulus spending? The facts show this.
You seem very intent on not considering that fact when it's the most obvious factor by a wide margin, with all of the data supporting it.
Are you aware of the size of federal deficit spending in 2020/2021? The level of monetary policy easing leading to more credit availability to consumers?
It's intellectually dishonest to attribute elevated retail sales solely, or even primarily to the substitution effect
You seem very intent on not considering that fact when it's the most obvious factor by a wide margin, with all of the data supporting it.
Are you aware of the size of federal deficit spending in 2020/2021? The level of monetary policy easing leading to more credit availability to consumers?
It's intellectually dishonest to attribute elevated retail sales solely, or even primarily to the substitution effect