"A massive federal bailout of state and local governments during the pandemic had a
That’s the bottom line of a new National Bureau of Economic Research working paper published this week. ...Despite the eye-watering price tag, however, the stimulus spending had only “a modest impact on government employment and has not translated into detectable gains for private businesses or for states’ overall economic recoveries,”...
...But instead of stimulating the economy or filling budget holes that mostly didn’t exist, the aid to states and local governments just left them flush with cash.
As Reason has reported, some of that money was spent on unrelated things like money-losing, government-owned golf courses...
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