The recession caused by the Covid-19 pandemic was the shortest on record, thanks to rapid, robust and bipartisan congressional action. Americans were made whole by their government, which staved off what otherwise would have been mass financial suffering. But by the time Dr. Shaefer testified, inflation had begun to rise, sucking all the air out of the room. Inflation hawks blamed the pandemic response for driving up consumer demand, which, in their telling, drove up prices, causing pain for many people as the cost of food, rent and other necessities rose. The fracas over inflation risks memory-holing the concrete proof that the federal government is fully capable of keeping Americans afloat when the economy sinks.

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Persons: ” H, Luke Shaefer, Shaefer, J.W, Mason, we’ll Organizations: University of Michigan, John Jay College of Criminal