Thread by @DrewHolden360

We’re just gonna keep doing this huh

https://twitter.com/newsweek/status/1376322092598185985

Has anyone even pretended to make the case that there is a need for this? That conditions are so bad that we need to do an unprecedented thing for a **fourth** time? Or are we beyond that?

One of two things is true:

Either the government can give out a lot of money directly to people without consequences, or there are serious consequences to giving out “free” money to people.

Until recently, we all agreed it was the latter (even the first stimulus!)

If the former is true, then the government has an obligation to get as much money out as possible to as many people as possible ASAP.

Everything about the way we understand monetary and fiscal policy suggests that that is wrong.

And if it is wrong, and either because the debt matters or because inflation matters, there are consequences, someone will end up holding the bag on this.

These issues will disproportionately impact young people and future generations, who aren’t paying attention.

Again, based on everything we’ve ever understood about how money works, one of two things will happen:

1. Inflation will destroy existing wealth and/or
2. The government won’t be able to afford future spending.

There’s a good chance that most of the octogenarians who run DC will be dead by the time the bill comes due on either of those.

But eventually the bill will come due. And it’s not going to be pretty when it does.