Here’s the thing:The U.S. economy is going to spend about $2–3 TRILLION less this quarter than it normally does. That’s the largest downturn in history.
In the history of any country ever.The U.S. has passed about $2.7 trillion in stimulus spending so far. If you want to know how they got that number, it’s because they figured that this was the amount of spending needed to balance out what was lost. (Listen to my podcast with Jim McKelvey, deputy chairman of the St.
Louis Federal Reserve Bank, to get more details).The problem is: is it enough? And did they allocate it correctly?
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