What, like the pandemic only started last week??? Like you didn't already know people were hoarding toilet papers and stocking up on bacons??? Like you didn't know already that there's a high correlation between vaccination rate and buying splurge??? Now they're more risk-tolerant, they will go out and spend, spend, spend... Like you didn't know that restricting/curtailing key infrastructure like closing the Keystone pipeline would raise the oil prices??? Uh, one more, if Uncle Sam gives you free money that adds up to more than you are being paid at work, why the hell would you want to go back??? Like you didn't know that already.
The amounts of money that were handed out were miniscule, at least as far as I've read. Political talking points, but hard to believe they would change behavior.
I went to the grocery store last night and ill be damned if the toilet paper/paper towel aisle was about empty. That and my beloved Snyder's hard sourdough pretzels
Dude, where you at? On Mars? Uncle Sam has spent nearly $5 Trillion dollars since COVID-19 started. Economic Impact Payment (aka Stimulus Check) alone amounted over $800 Billion. On top of that, you have the Unemployment Benefits as well as Childcare Credit. On top of that, you have the Emergency Rental Assistance for those about to lose their home. On top of that, you have the Revitalization Fund for struggling restaurants. On top of that, you have the Paycheck Protection Program to bail out other small businesses. On top of that, you have the humongous Federal Reserve Asset Purchases. Total COVID-19 Total Spending by Budget Category https://www.usaspending.gov/disaster/covid-19?publicLaw=all
That's a lot, but I still don't think the money handed to individuals is enough to make life decisions to stop working for most people.
I'm obviously not a statistician or a numbers guy, but it really doesn't take much brain to understand that things don't add up. Suppose you have a family of four (2 adults and 2 kids under 17). That alone will entitle you to receive $11,400 through Stimulus Check. Plus states like California has been or is still issuing their own Stimulus Payments. If you and your wife lost your jobs, that would allow both of you to collect Unemployment Benefits PLUS Pandemic Unemployment Assistance from the federal government, which (if I'm not mistaken) pays a maximum of $790 per person per week. You're also allowed to receive Food Stamps. You might also be eligible to receive Rental Assistance. We can't forget the Childcare Credit either, which gives out a generous sum of $8,000 for two or more qualifying dependents. Besides all these, I'm sure there are other grants and assistance out there if you look hard enough. Hence, when all is said and done, the benefits will likely add up to a lot more than what you had made before Covid. ALL FOR FREE!
The real crux of the problem isn't whether there is still free money to be had or not. All this free money, along with labor shortage, is creating a supply shortage, which in turn will create a massive hyperinflation. I can only say the government economists are a bunch of idiots. They should have known this would be coming.
And what was the alternative to the stimulus? No stim and watch up to 1/3 of Americans starve on the streets during the lockdowns? You talk as if there was a happy middle.