More evidence the economy doesn’t need another massive federal intervention.
President Joe Biden likes to pretend that his pending multitrillion-dollar plan to restructure the U.S. economy will cost nothing. Of course he’s not telling the truth. But nothing seems to be exactly what the economy needs from Washington right now. In fact, this morning’s retail sales report suggests that perhaps Washington’s recent binge of debt-fueled federal spending and Federal Reserve money creation should have stopped several trillions ago.
Americans have lately been quitting jobs near record rates and labor-force participation is down sharply since the pre-Covid era, yet people still have lots of money. Flush U.S. shoppers just exceeded all expectations and went on a purchasing spree.
