What if we were to provide job training in computer coding, artificial intelligence jobs, renewable energy jobs and jobs rebuilding infrastructure?
Deficit spending for the U.S. is over $3 trillion so far this year and Congress is debating the next trillion-dollar package.
Fed Chairman Jerome Powell is reflected in the sneeze guard set up between himself and members of the House Committee on Financial Services hearing on Oversight of the Treasury Department and Fed Reserve Pandemic response on June 30, 2020 in Washington, DC.Government spending from the Treasury Department and Congress along with stimulative bond purchases from the Federal Reserve are at unprecedented levels.
Yet, as the government spends, debt is accumulating. The Federal Reserve's balance sheet has increased by about $3 trillion this year, and the Fed is encouraging Congress to provide greater stimulus. Many are beginning to ask if more stimulus is the correct response, or is it merely pushing on an economic rope?
Monetary and fiscal spending have not generated significant growth over the past decade. Our current efforts continue to make the same mistakes. There are two primary mistakes: one, while surges of liquidity can stave off economic collapse, and provide needed relief, they have little ability to stimulate sustained growth. When growth doesn't come, policy makers add more stimulus. Two, cheap money has increased supply and done little to increase demand.
Third, it would have been better if the trillion dollars were spent on something that would grow and create jobs and increase over time. This would be the sort of investment that private industry or individuals would make. Think about spending a trillion dollars to take every American to an amusement park. Spirits would be lifted, and folks would have fun, but they'd leave and return to the same old, same old, and you'd be out a trillion in cash.
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