
Coming Into Focus
The Memo by Howard Marks
The Unemployment Benefits Aren't Stimulating the Economy
The trillions of dollars paid out thus far were not stimulus payments, but support they weren't made to get the recipients to spend so much as to keep them and the economy alive. In short, the amounts distributed to the unemployed families with incomes below 100 thousand dollars companies and institutions were designed to replace lost income and maintain rather than stimulate the economy. Individuals got money so they could buy the necessities of life. Companies got money to replace lost revenues so they could continue to employ people. These needs have not dried up, even as the disease has ground on and the supplemental unemployment benefits have expired.
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