Researchers at the Federal Reserve Bank of San Francisco say that massive government spending during the pandemic has caused U.S. inflation to surge more than in other developed economies.
published by the Committee for a Responsible Federal Budget, a nonpartisan organization based in Washington.
The sheer size of pandemic-related spending in the U.S. is entirely without precedent: During the 2008 financial crisis, for instance, the Obama administration approved a relief package roughly half the size of the American Rescue Plan, and a fraction of overall relief efforts this year and last. Still, the San Francisco Fed economists cautioned that without such astronomical levels of federal spending, the U.S. risked sliding into a years-long recession with stubbornly high unemployment.
President Joe Biden signs the American Rescue Plan, a coronavirus relief package, in the Oval Office of the White House, March 11, 2021, in Washington. To compare fiscal stimulus in the U.S. with OECD nations, the researchers used an index of real disposable income to determine how much support was received by American households. They identified two distinct spikes in the U.S. that correlated with the American Rescue Plan, passed under Biden in 2021, and the CARES Act, passed under Trump in 2020.
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