President Joe Biden’s Covid rescue plan is being passed by Congress.
The $1.9 trillion bill includes funding for various programs, including enhanced unemployment benefits, vaccination efforts and $1,400 in stimulus checks.
Direct payment alone is expected to cost more than US$400 billion.
Financial educator, Altamont Capital Partners vice president Sahil Bloom (Sahil Bloom) said that funding the new bailout expenditure involves an interesting way of borrowing and printing money in a metaphorical sense.
Bloom said the government can create currency without actually printing physical currency. He said: “We live in the digital age. In fact, money is just a number on the screen.”
This work involves three main areas: Congress, the Treasury, and the Federal Reserve. Watch this video to see who actually “clicked the button” and see how the process backfired.
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Disclosure: NBCUniversal and Comcast Ventures are investors in the following companies Acorn.