The government increased payments to individuals without reducing spending elsewhere in the budget.

The only outcome consistent with the Fisher equation holding and the FOMC’s zero interest rate policy is that the “long run” is considerably longer than 4.5 years.

Anemic investment in residential and commercial real estate has been a significant factor contributing to slow growth in employment.

In order to maintain its credibility, however, the FOMC will have to take actions consistent with achieving its stated inflation objective.

Before 2000, the tax burden shifted from the lowest 80% of earners to the highest 20%; since 2000, the burden has shrunk for all groups, but more so for the highest earners.

Current excess reserves could create a massive increase in the money supply if banks significantly increase their lending or investing.