And that is a powerful force. Loss aversion is incredibly powerful. But in this case, what we had was a bunch of stuff that happened temporarily and then disappeared. And If you look at the chart of disposable income that happened for folks in the bottom 50% of the income distribution, it went up sharply during the pandemic because there was support in a way that hadn't happened for a very long time. Stephen Semmler is a social scientist who's compiled this data. And then it went away. And so people had this experience of their income level falling at the same time as prices were rising. (07:34–07:51)
CLAIM
Asserts that disposable income for the bottom 50% increased sharply during the pandemic due to support.
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