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The Stimulus Didn’t Work, Again

Summary:
Since the onset of the pandemic in March 2020, the US government has provided tens of millions of households with direct injections of cash. But insofar as these policies are intended to stimulate the overall economy, there is no evidence to suggest that they actually work. STANFORD – Between March 2020 and March 2021, the United States enacted three fiscal packages to stimulate the economy and support businesses and households following the economic shock caused by COVID-19. President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020, and the Coronavirus Response and Relief Supplemental Appropriations Act on December 27, and these were followed by President Joe Biden’s American

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Since the onset of the pandemic in March 2020, the US government has provided tens of millions of households with direct injections of cash. But insofar as these policies are intended to stimulate the overall economy, there is no evidence to suggest that they actually work.

STANFORD – Between March 2020 and March 2021, the United States enacted three fiscal packages to stimulate the economy and support businesses and households following the economic shock caused by COVID-19. President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020, and the Coronavirus Response and Relief Supplemental Appropriations Act on December 27, and these were followed by President Joe Biden’s American Rescue Plan on March 11, 2021.

With each round of legislation, an “economic impact payment” (EIP) was paid out to people through direct deposit, a check, or with a special prepaid debit card, and in each case, the idea...

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