Since the beginning of COVID-19 and the lockdown-induced recession, the United States economy has witnessed unprecedented levels of fiscal and monetary stimulus.
According to the Committee for a Responsible Federal Budget’s <a href="https://www.covidmoneytracker.org/">COVID Money Tracker</a>, Congress has approved $5.92 trillion in COVID-related spending over the past eighteen months — and agencies have so far committed or disbursed $4.82 trillion. 
Despite the unprecedented level of stimulus, President Biden <a href="https://www.dailywire.com/news/joe-biden-signs-1-2-trillion-infrastructure-bill-calls-it-truly-historic">signed</a> a $1.2 infrastructure bill on Monday, and lawmakers are <a href="https://www.dailywire.com/news/biden-economic-adviser-suggests-passing-1-75-trillion-bill-would-help-solve-effects-of-inflation">weighing</a> a $1.75 trillion social spending package entitled the “Build Back Better Act.”
Members of the Biden administration have nevertheless argued that new spending will address the inflationary pressures felt by American households. During a Friday briefing, White House Press Secretary Jen Psaki <a href="https://www.dailywire.com/news/psaki-says-inflation-is-being-used-as-a-political-cudgel">said</a>: “Economists across the board also agree that the president’s economic agenda — the Bipartisan Infrastructure Bill that he will sign on Monday and the Build Back Better Bill that we’re working to move forward — will not add to inflationary … pressure, and will ease inflationary pressure over the long term.”
Treasury Secretary Janet Yellen likewise <a href="https://www.dailywire.com/news/yellen-touts-biden-spending-plan-then-promises-inflation-wont-reach-1970s-levels">pushed</a> for the Build Back Better Act during a recent interview with Marketplace: “Well, I think the economy needs it, and the people need it. … It is really intended to address long-standing problems that have been holding this economy back.”
“You say this is not a short-run stimulus program. And I wonder if that’s the basis for your belief that this will not be inflationary in this economy?” asked host Kai Ryssdal. “Because as you know, inflation is a big deal right now.”
Yellen replied that inflation is “a consequence of recovery from a very severe shock due to the pandemic and something that will work itself out over time.”
Meanwhile, the Committee for a Responsible Federal Budget notes that the Federal Reserve has approved $6.84 trillion in monetary stimulus, with $3.82 trillion utilized so far — primarily on asset purchases meant to inject liquidity into the economy.
Earlier this month, however, the Federal Reserve’s Federal Open Market Committee <a href="https://www.dailywire.com/news/as-high-inflation-persists-federal-reserve-unveils-first-official-plan-to-roll-back-stimulus">stated</a> that it would taper its monthly $120 billion in bond purchases.
“In light of the substantial further progress the economy has made toward the Committee’s goals since last December, the Committee decided to begin reducing the monthly pace of its net asset purchases by $10 billion for Treasury securities and $5 billion for agency mortgage-backed securities,” said policymakers in a statement. “The Committee judges that similar reductions in the pace of net asset purchases will likely be appropriate each month, but it is prepared to adjust the pace of purchases if warranted by changes in the economic outlook.”
In September, the Organization for Economic Cooperation and Development <a href="https://www.dailywire.com/news/oecd-to-developed-economies-remain-vigilant-for-signs-of-persistent-inflation">warned</a> advanced economies to “remain vigilant” for signs of “persistent inflation.”
“Annual inflation has risen to over 5% in the United States but remains at relatively low rates in many other advanced economies, particularly in Europe and Asia,” explains the organization. “Part of the current rise in inflation reflects base effects, following price declines in the early phase of the pandemic.”
Since the time of the report, inflation in the United States has climbed to a 6.2% year-over-year pace.

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

Monetary Stimulus Totals $3.8 Trillion, Fiscal Stimulus Totals $4.8 Trillion Since COVID-19 Began

CONTINUE READING

Bud Light Sales Continue To Plummet, May Soon Lose Status As Number-One Beer

‘Profoundly Christian’: Former Head Of Anglican Church Presses British Government To Endorse Assisted Suicide

Ben Shapiro Reacts To Debt Limit Deal, Hits Both Democrats And Republicans Over Spending Habits

‘The Chosen’ Defends Pride Flag Spotted On Set: ‘Let The Show Speak For Itself’

Chick-Fil-A Faces Backlash As Their Diversity Efforts Resurface, Other Woke Brands Take Beating

North Korea Sentenced Two-Year-Old To Life In Prison After Family Caught With Bible: State Department

News and Analysis

Economy

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Menu

— News and Analysis —

Monetary Stimulus Totals $3.8 Trillion, Fiscal Stimulus Totals $4.8 Trillion Since COVID-19 Began