It does via inflation which is why it's rising faster than the pre-covid trend
So apparently taking about personal income was just happenstance, since you pretty obviously were trying to say "it's rising wages that are doing it" and then have been backpedaling everytime I press you to explain why.
So we face successfully established there's inflation, and you've made no argument as to why we should think it's fiscal policy related rather than supply chain - you know, that big thing which has been stressed and suffering shortages repeatedly the last 2.5 years.
Supply of effectively every good is higher than prepandemic. Demand is even higher. Retail sales have exploded vastly above trend due to fiscal injections. This is NOT a supply side issue, this is consumers mass buying which leads to shortages. If it were a supply side issue, you'd see big hits to corporate earnings, instead they became massively inflated due to excess consumer spending.
Personal income is rising much faster than sustainable for 2% inflation. Are you aware that money is nominal? People getting paid more means nothing if prices rise faster than they're getting paid. There's zero inherent value to a dollar.
Inflation is a product of supply and demand, not just one or the other. When there's an imbalance, prices rise to a new equilibrium point.
Go on, cheer for higher nominal wages as consumer sentiment sits at all time lows and real wages are deteriorating faster than any time in history
How can you possibly claim this? Where have you been for the last year? Energy embargos, dramatic slow downs in trade with China, excruciating shortages of basic/fundamental electrical components.
I have to assume that you have ignored all evidence that doesn't support your narrative. The trouble is this inflation would have happened with or without individual stimulus moneys.