Biden’s Got A Fever And The Only Prescription Is More Stimulus
President Joe Biden not only wants another stimulus package, he wants a 1.9 trillion dollar stimulus package. There’s just one problem, the economy might not need it. (Bloomberg)
In making the case for a smaller plan, former CBO Director Douglas Holtz-Eakin said that what’s holding back the economy is the virus, not a lack of money in consumers’ pockets. The personal saving rate stood at 13.7% in December, more than double its average since 2000.
“If we get another jump in the savings rate what are they going to do with it?” asked Holtz-Eakin, who’s now president of the American Action Forum and served as an adviser to the late Republican Senator John McCain. “Are they going to go out and buy GameStop?”