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Most of the stimulus went to business and governments, not individuals: https://web.archive.org/web/20230920080933/https://www.nytimes.com/interactive/2022/03/1

Most of the stimulus went to business and governments, not individuals: https://web.archive.org/web/20230920080933/https://www.nytimes.com/interactive/2022/03/11/us/how-covid-stimulus-money-was-spent.html https://web.archive.org/web/20230920080933/https://www.nytim...

cpursley 3y ago
Yes, creating massive inflation.
Aurornis 3y ago
The article refers to changes in tax policy that go beyond pandemic stimulus. Focusing only on pandemic stimulus misses the big picture. Either way, injecting money into the economy at this scale creates significant inflation. This inflation reduces inflation-adjusted incomes. It doesn’t matter all that much if it’s going to people or businesses, it’s going to cause inflation.
- oehpr 3y ago
  I dunno why this always gets brought up. What causes inflation? Money moving in the economy. Don't want to cause inflation? Give your money to rich people, they will just sit on it. Same as burning it. Give it to poor people and they use the money to get the things that they need. Moving the money. Causing inflation. Which means your assets are less valuable, and poor people move up. It's only reflecting the relative shift of the country. You reach your hand down to lift someone up, and shock and horror, you are no longer above them.
  - slashdev 3y ago
    > Causing inflation. Which means your assets are less valuable, and poor people move up. You’ve got it backwards. Assets tend to track inflation. Rich people do just fine. Wages do not. Poor people suffer the brunt of it. Inflation increases the inequality.
  - sangnoir 3y ago
    > Give your money to rich people, they will just sit on it Which does precious little for the economy, so there's bo economic reasoning for doing this. If you want an economic stimulus, give money to poor people instead.
- Projectiboga 3y ago
  This is a real decline not inflation adjusted. When the child tax credit and the stimulus money was given out, the lower half of the individuals spent their money quickly. This is a long standing economic fact as your income grows your ability to spend it all efficiently and especially quickly declines. There are huge differences in the velocity of income circulation between the bottom quintile and the top quintile. It gets easier to wait to make a big purchase when your not hand to mouth so the 2017 tax cuts along with their punitive incremental middle class tax hikes every odd tax year through 2017. That tax bill made the wealthy tax cuts permanent but has a stealth increase every odd tax year, which are reductions in temporary adjustments to pull the wool over our eyes. The GOP gamed the way the CBO scores bills actual costs with this monstrosity. The top quintile isn't creating jobs they are enjoying their higher interest rates while they wait for bargains to materialize later.
  - leereeves 3y ago
    This is inflation adjusted, though TFA doesn't make it clear. The full report says "To adjust for changes in the cost of living over time, historical income and earnings estimates in this report are expressed in real or 2022 dollars."
    - deleted 3y ago
      [deleted]

cpursley 3y ago

Yes, creating massive inflation.

Aurornis 3y ago

The article refers to changes in tax policy that go beyond pandemic stimulus. Focusing only on pandemic stimulus misses the big picture. Either way, injecting money into the economy at this scale creates significant inflation. This inflation reduces inflation-adjusted incomes. It doesn’t matter all that much if it’s going to people or businesses, it’s going to cause inflation.

oehpr 3y ago
I dunno why this always gets brought up. What causes inflation? Money moving in the economy. Don't want to cause inflation? Give your money to rich people, they will just sit on it. Same as burning it. Give it to poor people and they use the money to get the things that they need. Moving the money. Causing inflation. Which means your assets are less valuable, and poor people move up. It's only reflecting the relative shift of the country. You reach your hand down to lift someone up, and shock and horror, you are no longer above them.
- slashdev 3y ago
  > Causing inflation. Which means your assets are less valuable, and poor people move up. You’ve got it backwards. Assets tend to track inflation. Rich people do just fine. Wages do not. Poor people suffer the brunt of it. Inflation increases the inequality.
- sangnoir 3y ago
  > Give your money to rich people, they will just sit on it Which does precious little for the economy, so there's bo economic reasoning for doing this. If you want an economic stimulus, give money to poor people instead.
Projectiboga 3y ago
This is a real decline not inflation adjusted. When the child tax credit and the stimulus money was given out, the lower half of the individuals spent their money quickly. This is a long standing economic fact as your income grows your ability to spend it all efficiently and especially quickly declines. There are huge differences in the velocity of income circulation between the bottom quintile and the top quintile. It gets easier to wait to make a big purchase when your not hand to mouth so the 2017 tax cuts along with their punitive incremental middle class tax hikes every odd tax year through 2017. That tax bill made the wealthy tax cuts permanent but has a stealth increase every odd tax year, which are reductions in temporary adjustments to pull the wool over our eyes. The GOP gamed the way the CBO scores bills actual costs with this monstrosity. The top quintile isn't creating jobs they are enjoying their higher interest rates while they wait for bargains to materialize later.
- leereeves 3y ago
  This is inflation adjusted, though TFA doesn't make it clear. The full report says "To adjust for changes in the cost of living over time, historical income and earnings estimates in this report are expressed in real or 2022 dollars."
  - deleted 3y ago
    [deleted]