Those pandemic-era “stimmy checks” were the most expensive “free money” ever

11 comments

1. oh fuck off

2. Wel. They could have just let the economy collapse instead. But inflation seemed like the lesser evil there.

3. Hot take: from an economic standpoint, it could have been handled a lot worse

4. While the check likely had some effect the real reasons we got inflation was first the supply chain. It absolutely got wrecked for a time. It’s crazy to me people don’t understand this nor how the supply chain actually functions.

   Secondly though is just price fixing. Corps openly admitted they jacked up prices because they could and they made record profits off of it. They talked about it in their earnings calls.

   But yeah blame the government.

5. Sent out a bunch of business loans or bailouts that corporations hardly ever pay back.

6. The pandemic was a GLOBAL issue.

   This created GLOBAL supply chain issues. Supply and demand imbalances can and did lead to inflationary pressures. This is what happened during the pandemic.

   I dont understand why people believe that the only factor that leads to inflation is printing money. It’s not – it’s one of several.

   I also dont understand why people believe that inflation is the only factor in determining a country’s economic performance. There’s interest rates, dollar value, cost of living, employment rates etc.

   When it comes to housing costs in the US – take a look at the consequences of the Trump Administration deregulating housing and repealing Dodd Frank. This led to large real estate companies buying up a ton of real estate and jacking up the prices.

   The US was the fastest country in the G7 to recover from the pandemic.

   You can’t support free market capitalism and also blame the government for high egg prices. Those are contradictory things. If you want the government to lower your grocery prices, you’re not a capitalist. Pick a lane.

7. get a ppp loan next time. also start your business now.

8. Your $1400 wound up with their rich friends too. They were offended you got to fondle it first and get it all germy. And the indignity of providing some minimal thing in return was almost unbearable. Thank goodness that’s behind us.

9. I think there were 3 checks for $1200, $900, and $1400. And that was per person. A family of 4 with no income loss would have received around $26,600 in stimulus checks. If one person qualified for enhanced unemployment the household would get $67,824 and if two qualified they would get $109,048 per https://waysandmeans.house.gov/2021/06/03/analysis-family-of-4-getting-109048-in-covid-government-checks-already-approved-by-congress/

   Just those stimulus checks alone were enough to put a downpayment on an median priced house given then mortgage interest rates were around 3%. Median house price was $329k in 2020, so just the stimmy checks alone were enough for an 8% downpayment.

   There was too much stimulus money. The first two checks at least had the justification of being done during the pandemic, but there was absolutely no reason for the third check after vaccine rollout started. It hit at the absolutely worst time possible while US households had record levels of savings in their bank accounts. Completely asinine economic policy.

10. Sounds like a billionaires talking point planted in the brains of poor people to make other poor people their enemy.

11. That’s exactly what happened and America let it happen like it was totally fine.

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