Unlike most of the Trump tax cuts and stimulus such as PPP, the ARP put some real money in the pockets of people that actually needed it. Those people tend to spend money on consumables and rent, and thereby may have contributed to inflation in some measure. In contrast, when money is showered on the wealthy, as Trump did over and over…
Unlike most of the Trump tax cuts and stimulus such as PPP, the ARP put some real money in the pockets of people that actually needed it. Those people tend to spend money on consumables and rent, and thereby may have contributed to inflation in some measure. In contrast, when money is showered on the wealthy, as Trump did over and over, those folks generally don't change their spending habits in a way that affects consumer goods. Perversely, ARP may have added something to inflation because it actually worked.
Having said that, all Western economies, including some that had much tighter fiscal policy, are experiencing similar inflation; Trump bullied Jerome Powell into leaving rates alone in 2018; Trump's tax cuts, stimulus and PPP are all being forgotten (although JVL did mention the tax cuts); and the last time gas prices were this high, it was after 7.5 years of the most pro-fossil administration in recent memory (W's interior department basically was run by Royal Dutch Shell).
Unlike most of the Trump tax cuts and stimulus such as PPP, the ARP put some real money in the pockets of people that actually needed it. Those people tend to spend money on consumables and rent, and thereby may have contributed to inflation in some measure. In contrast, when money is showered on the wealthy, as Trump did over and over, those folks generally don't change their spending habits in a way that affects consumer goods. Perversely, ARP may have added something to inflation because it actually worked.
Having said that, all Western economies, including some that had much tighter fiscal policy, are experiencing similar inflation; Trump bullied Jerome Powell into leaving rates alone in 2018; Trump's tax cuts, stimulus and PPP are all being forgotten (although JVL did mention the tax cuts); and the last time gas prices were this high, it was after 7.5 years of the most pro-fossil administration in recent memory (W's interior department basically was run by Royal Dutch Shell).