- June 28, 2021
- Posted by: Stratford Team
- Category: Business
Club for Growth Co-Founder Steve Moore discusses issues with Biden’s budget and how it could increase inflation on ‘Kudlow’
The coronavirus pandemic plunged Americans into recession. Instead of emerging poorer, many came out ahead.
U.S. households added $13.5 trillion in wealth last year, according to the Federal Reserve, the biggest increase in records going back three decades. Many Americans of all stripes paid off credit-card debt, saved more and refinanced into cheaper mortgages. That challenged the conventions of previous economic downturns. In 2008, for example, U.S. households lost $8 trillion.
In some ways, the singularity of the Covid-19 recession—and the recovery—shouldn’t surprise. The scope of the pandemic was unprecedented in the modern era.
ECONOMISTS PREDICT HIGHEST GROWTH IN 37 YEARS AS CORONAVIRUS PANDEMIC RECEDES
So was the government’s financial response. The U. S. borrowed lent and spent trillions of dollars to keep the…