Now, the further we get from enactment, the worse the legislation’s extra flab looks. The problem isn’t only that large chunks of the bill were wasteful and contributed to once-in-a-generation inflation;
Congress sent states more money than they knew what to do with
Put another way: In retrospect, it became clearer that Congress had just given Americans who didn’t need it a ton of cash to spend, at a time when there were sharp constraints on the things available to spend on. Supply could not adjust to meet the red-hot demand.
But to provide some scale for the mistakes: Democrats frittered away more than $400 billion on those deficit-financed, poorly targeted, third-round stimulus checks. Now, they can’t persuade their own caucus to spend a quarter of that amount, $110 billion, on universal pre-K — even if the long-desired program is paid for and likely to have much bigger bang for the buck than those one-off stimulus payments
Feel like you are making less money…YOU ARE!
www.wsj.com
Congress sent states more money than they knew what to do with
Put another way: In retrospect, it became clearer that Congress had just given Americans who didn’t need it a ton of cash to spend, at a time when there were sharp constraints on the things available to spend on. Supply could not adjust to meet the red-hot demand.
But to provide some scale for the mistakes: Democrats frittered away more than $400 billion on those deficit-financed, poorly targeted, third-round stimulus checks. Now, they can’t persuade their own caucus to spend a quarter of that amount, $110 billion, on universal pre-K — even if the long-desired program is paid for and likely to have much bigger bang for the buck than those one-off stimulus payments
Feel like you are making less money…YOU ARE!
Opinion | It’s Joe Biden’s Inflation
He blames Vladimir Putin, but his policies and the Federal Reserve are at fault.
www.wsj.com
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