California could ‘export inflation’ to the rest of the US when it sends up to $10 billion in relief payments this October, a Harvard economist says
“California Governor Gavin Newsom is taking matters into his own hands to help residents cope with inflation — potentially at the expense of the 49 other US states, says one Harvard economist. Beginning October 7, as many as 23 million Californians making less than $250,000 per year will receive a stimulus check ranging from $200 to $1,050, depending on one’s income and number of dependents. The program is expected to dole out nearly $10 billion to consumers. In response, many have argued that the plan is counterproductive and will add spending power to the economy that will ultimately make inflation worse.”