I don’t know when the deflationists are going to finally say “Uncle” but if the Emergency Money for the People Act passes, they just might.
Zack Friedman informs:
Representatives Tim Ryan (D-OH) and Ro Khanna (D-CA) introduced new congressional legislation — the Emergency Money for the People Act — to provide $2,000 cash per month to eligible Americans until employment returns to pre-COVID-19 levels.
If passed by Congress in its current form, the Emergency Money for the People Act would work like this:
As with the $1,200 stimulus check (Economic Impact Payment), not every American would be eligible for a stimulus check under the Emergency Money for the People Act. Here’s who would get a monthly cash payment under this legislative proposal:
Individuals who were not eligible based on 2018 or 2019 tax returns could be eligible based on 2020 adjusted gross income by submitting two months of consecutive paychecks.
Does anyone seriously think that with the current money giveaways that price inflation isn’t going to roar?
This new proposed giveaway would surely top them all. With current unemployment payouts averaging around $1,000 per week and with an additional $2,000 a month that would be a tax free $72,000 per year. Who would work? How would unemployment ever return to pre-covid levels? These payments could go on forever with fewer and fewer products and services entering markets. Less product and more money demand is a prescription for higher inflation.
Is a majority of Congress clueless or mad enough to pass this thing?
Hug your gold coins tonight.