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Two crossed lines that form an X . It indicates a way to close an interaction, or dismiss a notification. A man sits on the Wall street bull near the New York Stock Exchange (NYSE) on November 24, 2020 in New York City. Spencer Platt/Getty Images
Older investors and younger investors have vastly different inflation expectations amid new stimulus.
Those who lived through the Great Inflation fear price growth will run rampant, Deutsche Bank said.
A material rise in inflation likely depends on younger Americans bracing for higher prices.
Older investors are looking at Democrats $1.9 trillion stimulus package with concern. Memories of the 1970s and that period s stifling inflation loom large. The fear is that a revival in such strong price growth would threaten the still-incomplete economic recovery.
By Robert Rector and Leslie Ford
NEATLY tucked into the $1.9 trillion stimulus package is the second largest welfare expansion in U.S. history. President Joe Bidenâs plan would increase child allowancesâcash welfare grants for parents with childrenâfrom an annual $2,000 per child to a maximum payment of $3,600 for each child younger than 6 years of age, and $3,000 for children aged 6â17.
The result: $78 billion per year in new cash grants to families, on top of the nearly half a trillion dollars that government currently spends on cash, food, housing and medical care for lower-income families with children.
This welfare programâs annual cost would dwarf the initial costs of the Medicaid, Food Stamps and Aid to Families with Dependent Children programs. Only the Affordable Care Act would be more expensive.
Treasury: $242B worth of stimulus checks have gone out to 90 million Americans yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
Biden launches campaign to “sell” $1.9 trillion stimulus bill
At a brief White House ceremony Monday afternoon, President Joe Biden kicked off two weeks of campaign-style rallies at which Democratic Party leaders will seek to promote the $1.9 trillion coronavirus relief bill he signed into law last Thursday.
First lady Jill Biden is greeted by New Jersey Gov. Phil Murphy at the McGuire Air Force Base, Monday, March 15, 2021, in Burlington, N.J. The first lady is part of a Biden administration cross-country tour this week to highlight the benefits of the $1.9 trillion coronavirus relief plan. (Anna Moneymaker/Pool via AP)
Biden spoke for only five minutes in defense of the bill, which included the announcement that he was appointing Gene Sperling, a former economic adviser to the Clinton and Obama administrations, to oversee the implementation of the American Recovery Act.