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President Joe Biden’s Covid relief plan is making its way to Congress.
The $ 1.9 trillion bill includes money for a myriad of programs, including improved unemployment benefits, immunization efforts and $ 1,400 stimulus checks.
Direct payments alone are expected to cost over $ 400 billion.
Funding new relief spending involves an interesting way of borrowing and figuring out money, according to Sahil Bloom, financial educator and vice president at Altamont Capital Partners.
Bloom said the government could create money without printing physical currency. “We live in the digital age. So really, money is just numbers on a screen,” he said.
The business involves three key players: Congress, the Treasury Department and the Federal Reserve. Watch this video to see who “clicks the button” and to find out how the process can backfire on you.
Learn more about Invest in You:
‘Predictably irrational’ author says this is what investors should do during pandemic
The coronavirus forced this couple into a 27-day quarantine during their honeymoon cruise
How to prepare for a family member with Covid-19
Disclosure: NBCUniversal and Comcast Ventures Invest in Tassels.
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