(Rick Moran – PJ Media) Conventional wisdom dictates that if the government pumps a lot of money into the economy it will bloom and blossom like a flower getting water and grow and grow and grow.
It’s the basis of modern liberal economic thinking and has been since the New Deal. The government giving money to people to spend is better than the private sector doing it.
But the respected scholars at the University of Pennsylvania’s Wharton School of Business have taken out their slide rules and abacuses and determined that’s not the case with Joe Biden’s $1.9 trillion stimulus bill….
In fact, the impact of all that money will be negligible in 2021 and would actually damage the economy by 2022.
“The existence of the debt saps the rest of the economy,” Wharton analyst Efraim Berkovich said. “When the government is running budget deficits, the money that could have gone to productive investment is redirected.”
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