Government spending from the Treasury Department and Congress along with stimulative bond purchases from the Federal Reserve are at unprecedented levels.
Deficit spending for the U.S. is over $3 trillion so far this year. While the costs are clear, the benefits are less so. Financial relief for millions of Americans furloughed or unemployed has been a humanitarian godsend.
Some argue that it was too much, and it may have been for some, but at moments of crisis, moments of necessity, more is better than not enough. The relief provided by the initial $1,200 checks and the ongoing supplemental unemployment insurance was the difference between being able to endure lockdown and going hungry for many of our fellow Americans.