Personal Income up $700B (at annual rate) in May vs. Feb. Massive impact of CARES.
Compensation is DOWN $1T
Unemployment Insurance up $1.2T (PUC is 840B)
Stimulus payments $600B
Distribution not equal (many suffering) but prevented huge cut to income dragging down economy
BUT….

The $600B from stimulus checks in May is gone in June 26, 2020
UI will lose PUC (the $600) in August (taking out >$800B).
Compensation was only up $250B from April to May. Hard to see it making up for the removal of support in months to come.

In spring, economy was facing shock from pandemic/shut downs/fear but income was supported.
This summer, economy will face big drop in income + fears of rebounding pandemic as support is withdrawn.
Really should tie support to economic conditions so we don’t remove it too soon.