Moreover, among those who received “stimulus” checks under the CARES Act, only 15 percent of those surveyed in a National Bureau of Economic Research (NBER) study reported spending it. Thirty-three percent said they saved the payment, and 52 percent said they used the money to pay down debt.

Taken all together, these factors should spell an immense amount of deflationary pressure, both on the money supply, and ultimately on consumer prices as well.1



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