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stimulus paymentsFiveThirtyEight
•75% Informative
Lawmakers passed a $2.2-trillion stimulus package in March 2020 , followed by two more installments of COVID-19 relief later in 2020 and then again in 2021 .
Julian Zelizer : The stimulus helped Americans in some very big, tangible ways, but it also stoked higher and higher prices for the very people it was intended to help.
Zelizer says inflation may have raised U.S. inflation by about 3 percentage points by 2021 .
In the wake of the Great Recession , policymakers shot too low and shot too high in response to the crisis.
The COVID-19 pandemic wasn’t ready to deal with a crisis of this magnitude, which is a big part of the reason why the response had to be so massive.
A lot of the economic response leaned left, which may explain why so many policymakers underestimated the threat of inflation.
As anxiety about inflation mounts, there's little appetite to pump more money into the country's social safety net.
Politicians’ incentives run the other way — there’s no political benefit to preparing for a nebulous future crisis, so they often don’t.
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