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"With President Joe Biden’s legislative agenda stalled in Congress, the American Rescue Plan — the $1.9 trillion stimulus bill Democrats passed in March 2021 — may stand as his biggest achievement.
But did it contribute to the country’s current inflationary mess?
The massive spending law, which included $1,400 checks for each person in a family, generous expansions to unemployment insurance and child tax credit benefits, and hundreds of billions in aid to state and local governments, was intended to help people in need and stimulate economic demand, and it did.
Some economists argue, though, that all this came at the cost of making inflation worse. New Consumer Price Index numbers released Wednesday showed prices up 8.3 percent compared to one year before. And “core inflation,” which excludes volatile energy and food prices, rose 0.6 percent in just one month.
Countries around the world are struggling with inflation due to pandemic disruptions, but the Biden stimulus made the US’s inflation problem more severe, to at least some extent. “I think we can say with certainty that we would have less inflation and fewer problems that we need to solve right now if the American Rescue Plan had been optimally sized,” said Wendy Edelberg, a senior fellow in economic studies at the Brookings Institution...."
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Well, let's see.
When did the stimulus checks first go out?
Hmm. It wasn't Biden.
At the time, those were called "Trump's Checks" and the far right suggested that those citizens who weren't grateful to Trump, or didn't approve of that massive influx of cash all at once, not cash the checks they were sent.
Geez, talk about short memories.
Here's the stimulus check timeline:
$1,200 in April 2020, Under Trump
$600 in December 2020, under Trump
$1400 in March 2021, under Biden
At the time, those were called "Trump's Checks" and the far right suggested that those citizens who weren't grateful to Trump, or didn't approve of that massive influx of cash all at once, not cash the checks they were sent.
Geez, talk about short memories.
Here's the stimulus check timeline:
$1,200 in April 2020, Under Trump
$600 in December 2020, under Trump
$1400 in March 2021, under Biden
Try reading the article. They tie it directly to Biden. And there are charts!
The low estimates are 1-2% and the high are 3% just due to his unneeded stimulus.
And that doesn't even include his efforts to drive up energy prices.
At the time, those were called "Trump's Checks" and the far right suggested that those citizens who weren't grateful to Trump, or didn't approve of that massive influx of cash all at once, not cash the checks they were sent.
Geez, talk about short memories.
Here's the stimulus check timeline:
$1,200 in April 2020, Under Trump
$600 in December 2020, under Trump
$1400 in March 2021, under Biden
The public knows that Democrats are the party of sending checks in the mail to John Q. Voter. Most of the time that works to their benefit. Not this time. That's the power of branding.
At the time, those were called "Trump's Checks" and the far right suggested that those citizens who weren't grateful to Trump, or didn't approve of that massive influx of cash all at once, not cash the checks they were sent.
Geez, talk about short memories.
Here's the stimulus check timeline:
$1,200 in April 2020, Under Trump
$600 in December 2020, under Trump
$1400 in March 2021, under Biden
The economy was in a free fall April 2020 and still faltering in December 2020. Biden's later spending sprees were utterly not justifiable in any macroeconomic sense.
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