Quote:
Originally Posted by 1blackman1
Do you believe that 1.8T was distributed to individuals as 1600 increments?
|
Please don't be silly. The $1600 checks totaled $410 billion. The first direct deposits hit peoples' bank accounts one day after passage of the bill, on March 12, 2021.
I believe Adav8s28 remarked at the time that several of his acquaintances had purchased big screen televisions with their ARP checks. In other words, this part of the stimulus package started feeding through to demand almost immediately after passage of the bill. When some people got their free Biden money, they went out and spent it pronto!
But that was just the start. The ARP spread the green far and wide. $246 billion in added unemployment benefits. $110 billion in additional payments to families under the Child "Tax Credit" program. $512 billion to state and local governments and schools to mostly spend as they please. $51 billion to businesses, including additional funds for the Paycheck Protection Program which suffered from massive fraud. $44 billion to homeowners, renters, and for food assistance. $15 billion for childcare. And of course assorted pork, for broadband and infrastructure among other items.
Here's YoY CPI inflation in the months before and after passage of the act,
12/2020: 1.4%
1/2021: 1.4%
2/2021: 1.7%
3/2021: 2.6% - First $1600 payments made on March 12
4/2021: 4.2%
5/2021: 5.0%
6/2021: 5.4%
As I said in a previous post, EU YoY inflation was 1.9% in 6/2021.
