In his latest "My Take," "Varney & Co." host Stuart Varney breaks down President Biden’s "wall of money" flooding the economy, arguing the U.S. has "never seen anything like this" as the lasting effects could lead to more inflation.
STUART VARNEY: We have never seen anything like this before.
That is not an exaggeration. I'm talking about the ‘wall of money’ that’s been flooding into the economy and the markets.
I figured it was an enormous amount of money, but for accuracy, we asked our research department, (we call them the brain room) to detail it all.
Look at this:
$192 billion, Families First Act.
$483 billion, paycheck protection
$2.2 trillion, CARES Act
$900 billion Consolidated Appropriations Act.
Ok, hold on... That’s money already approved. Not all of it yet spent!
Now comes the really big money:
$1.9 trillion, the American rescue plan
$1.2 trillion, the infrastructure plan.
Next up, maybe the $1.85 trillion Build Back Better plan.
Do the math: that’s over $7.5 trillion. Granted we've never had to deal with a global pandemic before, but we really have never ever seen anything like this wall of money before. And I've not even counted the trillions printed by the Federal Reserve!
No wonder the stock market has rallied. No wonder we have a bad case of inflation!
In part, this is the Democrats buying votes. In part it is Joe Biden's dream of being the 21st century's FDR or LBJ.
The effect will be inflation and monumental debt.
And if this produces a recession next year, right before the elections, in my opinion, the Biden presidency will be finished.