White House Economics

We don’t often get to see the “inside thinking” behind White House actions, but this description of why the White House proposed a stimulus package and is opposed to a second stimulus package looks like the real deal.

For sure, the first stimulus package was far better than the proposed second stimulus for the reasons stated. But I’m no fan of the first package, which was simply a wealth transfer from future taxpayers to some current taxpayers. I’m sure this caused some economic activity, but I’ll bet more of the stimulus was spent paying down debt than buying new geegaws.

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