Pandemic relief checks function mainly as retroactive social insurance rather than stimulus, because people receiving them during a pandemic save or pay down debt instead of spending.

Turned on this

1. 25 Jul 2022 · held 18 months

   Noah Smith quoted turned

   I had some theory and some evidence on my side for this prediction, and yet I ended up being very wrong about what would happen to consumption.

   I had some theory and some evidence on my side for this prediction, and yet I ended up being very wrong about what would happen to consumption.

   ↗Four things I got wrong since I started this blognoahpinion.blog