The New York Times is trying to pull the Democrats’ bacon out of the electoral fire by promoting the ridiculous narrative that Americans just don’t realize all the accomplishments the Biden White House has achieved to help them (as Oliver Hardy used to say to Stan Laurel, “Stop trying to HELP me!”)
At the link, Issues & Insights examines the latest attempt by the Times to hoodwink us into believing the $2 trillion “American Rescue Plan” caused the economy to rebound and why that’s total hooey. It was actually a huge amount of inflation-boosting deficit spending that was injected into an economy that was already strongly rebounding from the artificial COVID lockdowns.
Much of the alleged “emergency stimulus spending” went to state and local governments for projects that - due to the long lead time of debate, contracting, environmental impact studies, etc. - are still years away from breaking ground. And since tax revenues had already rebounded by record amounts, many recipients didn’t even need the money.
Read it all so you’ll be prepared if anyone tries this Fantasyland argument on you.
Related: The director of the International Monetary Fund admits that “We printed too much money and didn’t think of unintended consequences.” You know, little things like runaway inflation and exploding government debt levels.
Sorry to break this to her, but some of us did think about those things and tried to warn about them. I do agree, however, with her comparison of international monetary authorities to a soccer team of eight-year-olds, all fixated on the ball and not noticing the rest of the field.