Comment by gruez

>To the topic in question, PPP was not really a big deal. The real culprit is this: https://fred.stlouisfed.org/series/CP - the corporate profits literally DOUBLED since 2020 because of earlier Trump's tax cuts.

Not really. If you add data series for pre-tax profits and index both series to 2020, you see the two lines are basically on top of each other.

https://fred.stlouisfed.org/graph/?g=1X0JM