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No they specifically don't say that. They say that fiscal support caused the 2.3 percentage point inflation. Fiscal support is defined by divergence in all go
by kasey_junk 4y ago
No they specifically don't say that. They say that fiscal support caused the 2.3 percentage point inflation. Fiscal support is defined by divergence in all governmental spending. The PPP program for instance is included in that, which has been widely proven to have not been used as direct employee support [0]. The PPP program was almost a trillion dollars that flowed to business owners, yet never seems to get mentioned in talk of inflation. Weird that.
[0] https://www.stlouisfed.org/publications/regional-economist/2022/jul/was-paycheck-protection-program-effective https://www.stlouisfed.org/publications/regional-economist/2...
- sokoloff 4y agoYou seem to be trying to draw some bright line between "stimulus" and "fiscal support". I don't quite see the line yet; they seem the same to me.
- kasey_junk 4y agoThe poster I was responding to used $800 billion which is the number attached to the direct EIP payment in the US that went to people on an income adjusted basis. Colloquially that is usually referred to as “stimulus checks”. In addition to that the US had a ~950 billion program for businesses, PPP. I assumed from context that the poster was describing the former. Their link does not create a bright line, instead it commingled both programs (and any other increased governmental spending).
- llbeansandrice 4y agoThat's because when people refer to "stimulus checks" they're exclusively referring to the ~$1800 everyone received while actively ignoring PPP "loans".