With equity markets reaching new heights at a time of rising income and wealth inequality, it should be obvious that today's market mania will end in tears, reproducing the economic injustices of the 2008 crash. For all of the talk of supporting households, it is Main Street that will suffer most when the music stops.
worries that the US recovery is heading for another bout of market mania that will leave Main Street worse off.
Both supporters and critics of US President Joe Biden’s $1.9 trillion stimulus plan assume that there is a dollar amount that is just right. In fact, no such figure exists: every possible stimulus size is simultaneously too little and too big.
shows why there is no longer any amount of additional US fiscal spending that is just right.