Latest Stimulus Package Could Jolt U.S. Growth

[DonViejo]

March 10, 2021 at 8:05 am EST By Taegan Goddard

“The nearly $1.9 trillion relief package heading for House passage Wednesday is projected to help propel the U.S. economy to its fastest annual growth in nearly four decades, reduce poverty and revive inflation,” the Wall Street Journal reports.

“The legislation—following trillions of dollars in federal aid last year and arriving amid rising Covid-19 vaccination rates—prompted economists surveyed by The Wall Street Journal in recent days to boost their average forecast for 2021 economic growth to 5.95%, measured from the fourth quarter of last year to the same period this year. That was up from their 4.87% projection last month and would be the U.S. economy’s fastest since a 7.9% burst in 1983.”

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https://politicalwire.com/2021/03/10/latest-stimulus-package-could-jolt-u-s-growth/

[Magoo48]

1. Great news.

Now, let’s grow green and sustainable....

[Johnny2X2X]

2. One big reason Reps fought so hard against the stimulus

They know that the economy was in shambles at the end of Trump's term, but they know it was a little bit of a false recession in that there was a lot of pent up demand so we'd likely have had a reasonable bounce back without more stimulus. And they know the messaging and perception that Biden rescued the economy will be impossible to counter.

The next 9 months, we're going to see some staggering growth and jobs numbers. Joe is smart and will take a "modest" victory lap each time. The Reps only counter will be to try to claim Trump is responsible.

This is set up to be the most successful first year of a Presidency in modern history.

[Delmette2.0]

3. Something I have been thinking about.

When the R's pass tax relief for the rich folks they invest or save the money.
When middle and low income folks get a tax break they go out and spend it!. I can't remember how many times a dollar will be spent locally, some where between 4 and 8. That is a lot of businesses making money, paying wages, buying more to restock and paying taxes.

Every dollar keeps recycling in the community, state and country.

This is what the Democrats can run on in 2022 and 2024.

[IronLionZion]

4. It will help a lot more Americans than Trump's tax cuts

which were mainly enjoyed by investors

[Wounded Bear]

5. Frankly, the country could use a bit of inflation...

at least at the bottom. The upper echelons of the economy have been 'inflating' for years.

[malthaussen]

6. Millions who lived through the 70s will wince at the phrase "revive inflation."

The current economic wisdom is that a little inflation is a good thing. The current economic wisdom is also that the massive amount of money-printing going on worldwide under the moniker of "stimulus" is also a good thing, and will not lead to inflation as those more stick-in-the-mud traditionalists believe.

Whether or not either of these claims is true, I am certainly not competent to judge. I have a much more mundane question to ask the boffins: whether "the economy" means the riches of the richest, or the livelihood of the people. It seems to me that the two are in inverse proportion, and that when politicians crow about "the economy," they are concerned with the former, and not the latter.

-- Mal