Spending

A few weeks back, after Nancy Pelosi said that unemployment for the 1.3 million that ended in January be continued because it would stimulate the economy, I facetiously suggested that the government just send everyone a check. Well it is often said that truth is stranger than fiction so here is article published yesterday. Vox, the explanatory journalism site with a particularly leftist bent, has an article out endorsing the idea that the Federal Reserve literally print cash and send it to Americans to stimulate the economy. The idea was initially proposed in an article in Foreign Affairs, published by the prominent Council on Foreign Relations and written by Mark Blyth, a professor at Brown University and Eric Lonergan, a London-based hedge fund manager. The fed has spent over 3 trillion on quantitative easing and they could have sent that to us and we each would have received $10,000. I wonder why the fed spending didn’t fire up the economy as is was supposed to? Maybe the old adage that there is no free lunch is true.