One thing this pandemic has taught us is the need to keep “relief” and “stimulus” conceptually distinct projects.
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i'd like one of these geniuses who only think the government should 'give money away' if it acts as a stimulus to explain how well they think shoveling trillions mostly at the top of the economy (and without means tests or even conditions for use) has worked out so far.
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The true downside of this compartmentalization is that it obscures the mechanisms at work in Keynsian pump priming. The multiplier effect is a form of double, triple, quadruple relief, and so on; the 600 or 1400 dollar payments, taken in the aggregate, generate far more
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income beyond the initial disbursement. And Summers knows this (he's Paul Samuelson's fucking nephew!), but his ideological attachments to Hayekian neoliberalism are much stronger than mainstream observers are willing to admit (or capable of understanding).
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