Desperate Dems Want To Sell Their Failed, Inflationary Stimulus As An Accomplishment

Democrats Want To Pivot From Their Legislative Failures To Focus On Their ‘Accomplishments,’ Notably Their Bloated, Partisan $1.9 Trillion Spending Spree From Last Year

“In a Zoom meeting with campaign donors last week, White House counselor Steve Ricchetti described plans for Biden to spend more time on the trail promoting accomplishments … In a recorded snippet of the call that was shared with NBC News, Ricchetti described the early pandemic relief package as ‘a bridge so that many, many people in this country could get by, sustained through this very, very tough economic time.’ It would be a mistake for Democrats, he said, to let such a financial lifeline to struggling families and small businesses be forgotten …” (“White House Tries To Tamp Down Democratic Jitters About Midterm Messaging,” NBC News, 1/31/2022)

“Democrats overseeing House races across the country said while officials would continue to tout their push for Build Back Better in the short term, they expected to soon transition more fully to a focus on what they’ve delivered. They plan to lean into the passage of… the Covid-relief package, framing it as helping rescue the economy from the depths of the pandemic.” (“With Biden’s Signature Legislation Stalled, Democrats Stare Into Political Void,” Politico, 1/14/2022)

SENATE MAJORITY LEADER CHUCK SCHUMER (D-NY): “After Congress passed the American Rescue Plan, I said ‘help is on the way.’ And that help is getting America on a path back to normal.” (Sen. Schumer, Remarks, 2/01/2022)

From The Very Beginning, It Was Clear Democrats’ Spending Bill Was A Poorly Targeted ‘Progressive Wish List,’ Loaded Up ‘With Liberal Policies That They Supported Long Before The Advent Of The Coronavirus Crisis’

AXIOS: “Biden’s COVID package also progressive wish list” (“Biden’s COVID Package Also Progressive Wish List,” Axios, 1/15/2021)

• “The president-elect rolled out a $1.9 trillion package headlined for its coronavirus relief but including billions in spending for cybersecurity, transit, wages, health care and other progressive programs. … This proposal is about more than topping off the $600 stimulus checks Americans have already received with $1,400 more. It represents an unabashedly progressive agenda, centered on a strong and growing federal government.” (“Biden’s COVID Package Also Progressive Wish List,” Axios, 1/15/2021)

Democrats ‘Quickly [Cut] Out Republicans To Focus On Passing The Biggest Bill Possible On Their Own Terms,’ ‘Seiz[ing] The Opportunity To Load Up The Bill With Liberal Policies’

“[Democrats] moved swiftly on Biden’s relief bill, quickly cutting out Republicans to focus on passing the biggest bill possible on their own terms…. They seized the opportunity to load up the bill with liberal policies that they supported long before the advent of the coronavirus crisis …” (“Democrats’ Messaging Shifts As They Pass Biden Relief Bill: From Economic Crisis Rescue To Poverty Relief,” The Washington Post, 3/10/2021)

“At first, Democrats described their $1.9 trillion stimulus as a response to a once-in-a-century economic and health emergency. But then the language began to shift to something much different: an anti-poverty measure with few precedents in US history…. Other Democrats, including House Speaker Nancy Pelosi (D-Calif.), described the legislation as potentially more consequential even than the Affordable Care Act … The Democrats’ comments seemed to confirm -- even endorse -- GOP complaints that the sprawling bill does more to address long-held liberal priorities than attack the twin COVID economic and health care crises, which by some measures are already waning.” (“Democrats’ Messaging Shifts As They Pass Biden Relief Bill: From Economic Crisis Rescue To Poverty Relief,” The Washington Post, 3/10/2021)

• “Democrats could not contain their jubilation over the legislation … Multiple provisions represented pent-up demand from Democrats who control both chambers of Congress and the White House for the first time since the start of the Obama administration …” (“Democrats’ Messaging Shifts As They Pass Biden Relief Bill: From Economic Crisis Rescue To Poverty Relief,” The Washington Post, 3/10/2021)

Even PolitiFact Admitted The Democrats’ $1.9 Trillion COVID Relief Bill Spent Less Than 9 Percent On Containing The Pandemic

POLITIFACT: “We found different ways to add up all the spending tied directly to COVID-19. On the low end, the total is about $100 billion. On the high end, the White House says it is $160 billion, which adds items such as $10 billion in medical supplies, $24 billion in child care for health care and other essential workers, and literally dozens of smaller amounts. Depending on which line items you include, the legislation would spend anywhere from 4.5% to 8.5% of the total cost directly on the pandemic’s health aspects.” (“How Much Goes To COVID-19 Vaccines In The Stimulus Bill?,” PolitiFact, 2/26/2021)

Democrats Were Warned As They Were Writing The Bill That Their Excessive Spending Plans Risked Unleashing ‘Inflationary Pressures Of A Kind We Have Not Seen In A Generation’

In February 2021, Former Clinton Administration Treasury Secretary Larry Summers Began Warning That Spending From The American Rescue Plan Could ‘Set Off Inflationary Pressures Of A Kind We Have Not Seen In A Generation’

LARRY SUMMERS: “[T]here is a chance that macroeconomic stimulus on a scale closer to World War II levels than normal recession levels will set off inflationary pressures of a kind we have not seen in a generation, with consequences for the value of the dollar and financial stability…. [G]iven the commitments the Fed has made, administration officials’ dismissal of even the possibility of inflation, and the difficulties in mobilizing congressional support for tax increases or spending cuts, there is the risk of inflation expectations rising sharply. Stimulus measures of the magnitude contemplated are steps into the unknown.” (Larry Summers, Op-Ed, “The Biden Stimulus Is Admirably Ambitious. But It Brings Some Big Risks, Too.,” The Washington Post, 2/04/2021)

Summers Wasn’t The Only Liberal Economist Sounding The Inflation Alarm In Early 2021

STEVEN RATTNER, former Obama Administration Counselor to the Secretary of the Treasury: “I spent an early part of my career as a reporter at The New York Times, chronicling the rampant inflation that scarred the economy in the 1970s and the Federal Reserve’s struggle to contain it…. But now, with Congress poised to approve an additional $1.9 trillion in spending through the American Rescue Plan Act, I’m worrying again.” (Steven Rattner, Op-Ed, “Too Many Smart People Are Being Too Dismissive of Inflation,” The New York Times, 3/05/2021)

• “The prices of many commodities are surging — copper and lumber because of a jump in home building. Global steel demand has pushed up iron ore prices. Even tin, heavily used in electronics, has soared as suppliers rush to meet consumer demand for new gadgets. Inflation expectations are also on the rise among traders. Interest rates on long-term Treasury bonds — a reliable inflation indicator — remain historically low, but have been marching upward. That, in turn, has shaken financial markets, which rightfully view climbing interest rates as the enemy of their investments. It is against this backdrop that Congress is on the verge of injecting an additional $1.9 trillion into an economy that has already received more than $4 trillion in boosts from Washington. According to several estimates, the measure’s spending far exceeds the extent of the shortfall in economic output caused by the pandemic. And let’s not forget the effects of easy money from our central bank. The Federal Reserve, which has driven short-term interest rates to near zero, has also injected more money into the economy in the past year than it did fighting the Great Recession in 2008.” (Steven Rattner, Op-Ed, “Too Many Smart People Are Being Too Dismissive of Inflation,” The New York Times, 3/05/2021)

• “Some commentators, and White House advisers, dismiss inflation fears on the grounds that the economy has fundamentally changed since the 1970s…. That has led to many pronouncements that when it comes to inflation, this time will be different. “It’s better to overreact than underreact to crises” has become a conventional mantra, along with a promise that if inflation picks up too much, the Fed has the tools to deal with it. OK — but let’s not be so blasé about how hard it would be to put that tiger back in its cage. Forty years ago, curbing the painful hike in prices took the Fed raising interest rates to 20 percent, forcing the economy into a brutal recession…. [M]ore prudence is merited. Start with cutting back the $1.9 trillion package.” (Steven Rattner, Op-Ed, “Too Many Smart People Are Being Too Dismissive of Inflation,” The New York Times, 3/05/2021)

But Democrats Blithely Dismissed Inflation Concerns In Their Headlong Rush To Spend

“[Former Treasury Secretary Larry] Summers has been warning that Biden’s $1.9 trillion stimulus package is too big and will overheat the economy, spurring inflation that could prove hard for the Federal Reserve to control. White House officials have routinely dismissed Summers’s concerns and in private express frustration with his attacks...” (“Biden Privately Called Lawrence Summers, A Critic Of White House Agenda, To Discuss Economy,” The Washington Post, 6/03/2021)

CNN’s POPPY HARLOW: “Larry Summers, your friend, you worked with him for a long time, he’s got some pushback here. He writes in ‘The Washington Post,’ the proposed Biden stimulus is three times as large as the projected shortfall. He also warns of two big things. He says inflationary pressure of a kind we have not seen in a generation could come because of this plan with consequences of -- for the value of the dollar and financial stability. Are you sure he’s wrong?”
WHITE HOUSE ECONOMIC ADVISOR JARED BERNSTEIN: “I think he’s wrong. I think he is wrong in a pretty profound way about that -- about that claim in the following sense. And there’s a way in which Larry’s offering a warning that we’ve actually already heeded. So let me get into this a little bit. … But what Larry is worrying about here is inflation overheating. And right now we have inflation that’s been below the Fed’s target rate of 2 percent for well over a decade. And so we also have tremendous unused capacity in this economy. … That’s not overheating. It doesn’t mean there won’t be some heat. And where Larry got something importantly wrong, by the way, is by suggesting that the administration was being dismissive of any inflation -- potential inflationary pressures.” (CNN, 2/05/2021)

REPORTER: “Speaker Pelosi, did President Biden comment on the criticism from Larry Summers that there is a risk of going too big here?”
HOUSE SPEAKER NANCY PELOSI (D-CA): “No, we didn’t talk about Larry Summers.” (Speaker Pelosi, Press Conference, 2/05/2021)

SEN. BRIAN SCHATZ (D-HI): “Why would we listen to the economist who admits he went too small last time if he’s warning us to go small again?” (Sen. Schatz, @brianschatz, Twitter, 2/05/2021)

As The Year Went On And Inflation Accelerated, Those Same Economists Pointed To ‘The Original Sin’ Of The Democrats’ Stimulus Spending As ‘Definitely Too Big For The Moment’

LARRY SUMMERS: “We’re in more danger than we’ve been during my career of losing control of inflation in the U.S.” (“Summers Slams Woke Fed for Risking Losing Control of Inflation”, Bloomberg, 10/13/2021)

HOST: “You’ve been warning on inflation risks since February. What’s your view on inflation now?”
LARRY SUMMERS: “I’m afraid things have come in worse than I expected on inflation. My view is, in February, was that we had a lot of demand coming down the pike that eventually the bathtub was going to overflow and we were going to have inflation because of the combination of fiscal and monetary policies and a big savings overhang. What has surprised me is how tight the labor market has become, how fast. How many supply side bottlenecks have returned and how rapidly inflation has accelerated. And that seems to be translated into increases in inflation expectations. Well, I think we now have a gathering storm of inflation and we’re likely to see some combination of that storm coming to fruition. Or the central bank being forced to act to contain inflation with potentially serious financial consequences or some combination of those two things. We’ve had labor market inflation. Wages at a seven and a half percent rate in the last month. We’ve had consumer price inflation close to a six percent rate over the last six months. We’ve had houses- housing price inflation at over twenty percent over the last year. Almost none of that has yet been reflected in the price indices. I think there are very serious reasons for concern.” (ABC Australia, 10/14/2021)

JASON FURMAN, Former Obama White House chairman of the Council of Economic Advisers: “It’s definitely too big for the moment. I don’t know any economist that was recommending something the size of what was done.” (“Obama, Biden Economists in Conflict on Inflation Jump, Spending,” Bloomberg News, 5/12/2021)

STEVEN RATTNER, former Obama Administration Counselor to the Secretary of the Treasury: “Enough already about ‘transitory’ inflation…. How could an administration loaded with savvy political and economic hands have gotten this critical issue so wrong? They can’t say they weren’t warned — notably by Larry Summers, a former Treasury secretary and my former boss in the Obama administration, and less notably by many others, including me. We worried that shoveling an unprecedented amount of spending into an economy already on the road to recovery would mean too much money chasing too few goods.” (Steven Rattner, Op-Ed, “I Warned the Democrats About Inflation,” The New York Times, 11/16/2021)

• “The original sin was the $1.9 trillion American Rescue Plan, passed in March. The bill — almost completely unfunded — sought to counter the effects of the Covid pandemic by focusing on demand-side stimulus rather than on investment. That has contributed materially to today’s inflation levels.” (Steven Rattner, Op-Ed, “I Warned the Democrats About Inflation,” The New York Times, 11/16/2021)

Sure Enough, By The End Of The Year, ‘2021 Went Down As The Worst Year For Inflation Since 1982’ As ‘Higher Prices Seeped Into Just About Everything Households And Businesses Buy’

“Prices rose at the fastest pace in 40 years in December, increasing 7 percent over the same period a year ago, and cementing 2021 as a year marked by soaring inflation … Indeed, 2021 went down as the worst year for inflation since 1982 … Higher prices seeped into just about everything households and businesses buy, raising alarms for policymakers at the Federal Reserve and White House that inflation has spread throughout the economy. There’s no telling when prices will fall to more sustainable levels, and officials within the Fed and Biden administration expect high inflation will persist through much of 2022.” (“December Prices Rise 7 Percent, Compared To A Year Ago, As 2021 Inflation Reaches Highest In 40 Years,” The Washington Post, 1/12/2022)

“Prices paid by U.S. consumers jumped 7% in December from a year earlier, the highest inflation rate since 1982 and the latest evidence that rising costs for food, rent and other necessities are heightening the financial pressures on America’s households…. Rising prices have wiped out the healthy pay increases that many Americans have been receiving, making it harder for households, especially lower-income families, to afford basic expenses. Polls show that inflation has started displacing even the coronavirus as a public concern, making clear the political threat it poses to President Joe Biden and congressional Democrats.” (“US Consumer Prices Soared 7% In Past Year, Most Since 1982,” The Associated Press, 1/12/2022)

December marked the seventh consecutive month in which inflation topped 5 percent. (Bureau of Labor Statistics, Accessed 1/12/2022)

As Inflation Rises, Americans’ Paychecks Are Getting Smaller, With Year-On-Year Real Average Weekly Earnings Decreasing 2.3 Percent

“Real average hourly earnings decreased 2.4 percent, seasonally adjusted, from December 2020 to December 2021. The change in real average hourly earnings combined with no change in the average workweek resulted in a 2.3-percent decrease in real average weekly earnings over this period.” (Bureau of Labor Statistics, Press Release, 1/12/2022)

Ivy League Economists Estimate That Inflation Cost American Families $3,500 More For The Same Goods And Services In 2021, ‘Lower-Income Households Will Have To Spend About 7 Percent More’

“We estimate that inflation in 2021 will require the average U.S. household to spend around $3,500 more in 2021 to achieve the same level of consumption of goods and services as in recent previous years (2019 or 2020). Moreover, we estimate that lower-income households spend more of their budget on goods and services that have been more impacted by inflation. Lower-income households will have to spend about 7 percent more while higher-income households will have to spend about 6 percent more.” (“Impact of Inflation by Household Income,” Penn Wharton Budget Model, 12/15/2021)

‘A Chorus Of Economists Point To Government Policies As A Big Part Of The Reason U.S. Inflation Is At A 40-Year High’

“At a moment when stubbornly rapid price gains are weighing on consumer confidence and creating a political liability for President Biden, White House officials have repeatedly blamed international forces for high inflation … But a chorus of economists point to government policies as a big part of the reason U.S. inflation is at a 40-year high. While they agree that prices are rising as a result of shutdowns and supply chain woes, they say that America’s decision to flood the economy with stimulus money helped to send consumer spending into overdrive, exacerbating those global trends.” (“Rapid Inflation Fuels Debate Over What’s to Blame: Pandemic or Policy,” The New York Times, 1/22/2022)

“The United States has had much more inflation than almost any other advanced economy in the world,” said Jason Furman, an economist at Harvard University and former Obama administration economic adviser, who used comparable methodologies to look across areas and concluded that U.S. price increases have been consistently faster. The difference, he said, comes because ‘the United States’ stimulus is in a category of its own.’” (“Rapid Inflation Fuels Debate Over What’s to Blame: Pandemic or Policy,” The New York Times, 1/22/2022)

“Many economists supported protecting workers and businesses early in the pandemic, but some took issue with the size of the $1.9 trillion package last March under the Biden administration. They argued that sending households another round of stimulus, including $1,400 checks, further fueled demand when the economy was already healing. Consumer spending seemed to react: Retail sales, for instance, jumped after the checks went out. Adam Posen, president of the Peterson Institute for International Economics, said the U.S. government spent too much in too short a time in the first half of 2021.” (“Rapid Inflation Fuels Debate Over What’s to Blame: Pandemic or Policy,” The New York Times, 1/22/2022)

Eventually, Even The Biden Administration Had To Admit That ‘The Spending That We Did’ In The American Rescue Plan Is Fueling The Worst Inflation In Four Decades

TREASURY SECRETARY JANET YELLEN: “[W]e are going through a period of inflation that’s higher than Americans have seen in a long time. And it’s something that’s obviously a concern and worrying them.… And, remember, the spending that we did that partially has caused this high demand for goods, it’s been very important in making sure that the pandemic hasn’t had a scarring effect on American workers.” (CNN’s “State of the Union,” 10/24/2021)

“President Biden [in November] conceded that inflation is at a three-decade high because ‘people have more money now’ as a result of his $1.9 trillion COVID-19 stimulus legislation, recognizing a central point made by people who are arguing against a nearly $2 trillion sequel. Biden unexpectedly endorsed the stance of his critics who have said the US dollar is losing its buying power as a result of the government printing money to cover COVID-19 aid. The president said stimulus funds that he signed into law are in part to blame for demand exceeding the supply of goods, causing a backlog at major US ports and the highest rate of annual inflation since 1990.” (“Biden Concedes His COVID Stimulus Checks Fueled Spike In Inflation,” New York Post, 11/10/2021)

• PRESIDENT JOE BIDEN: “And the irony is: People have more money now because of the first major piece of legislation I passed. You all got checks for $1,400. You got checks for a whole range of things. … But what happens if there’s nothing to buy and you got more money? You compete for getting it there. It creates a real problem. … Well, with more people with money buying product and less product to buy, what happens? The supply chain is the reason, and the answer is you guys — and I’ll get to that in a minute — but what happens? Prices go up. … But it also means we got a higher demand for goods at the same time we’re facing disruptions in the supplies to make those goods. [T]his is a recipe for delays and for higher prices, and people are feeling it. They’re feeling it. Did you ever think you’d be paying this much for a gallon of gas? In some parts of California, they’re paying $4.50 a gallon.” (President Biden, Remarks, 11/10/2021)

Democrats’ Spending Bill Also Showered State And Local Governments With Money Out Of All Proportion To Their Pandemic Needs

Democrats’ Stimulus Sent $350 Billion To State And Local Governments In 2021, But Their Reported Revenue Loss For 2020 Totaled $117.5 Billion

“The pandemic relief law championed by Democrats and signed by President Joe Biden last March included $350 billion in aid to states and local governments. The Treasury Department required states, counties and larger cities to file reports last year detailing their initial plans for the money. Those governments also were asked to estimate their losses for 2020 by comparing actual revenue to expected revenue under a Treasury formula. Though revenue figures were left blank by nearly one-quarter of the roughly 3,700 governments that filed reports, the data nonetheless provides the most comprehensive picture yet of the financial strain on governments during the pandemic’s first year. More than two-thirds of state and local governments reported at least some losses, ranging from a few thousand dollars in some rural counties to more than $12 billion for the state of Texas, according to the AP’s analysis. The total was $117.5 billion.” (“After Huge Pandemic Losses, Governments See Rapid Rebound,” The Associated Press, 1/28/2022)

Democrats Included More Money For State And Local Governments Than Even The Most Extreme Recommendations From A Left-Wing Think Tank

“Moody’s Analytics found in a report that states and cities only need $61 billion. The American Enterprise Institute, a conservative think tank, pegs that number at closer to $100 billion, although the left-leaning Center on Budget and Policy Priorities found as much as $225 billion was needed. Many states face much better fiscal outlooks than expected at the outset of the pandemic.” (“As Senate Rushes $1.9 Trillion Bill Through Congress, Biden Faces Doubts Over Whether It’s Still The Right Package,” The Washington Post, 3/04/2021)

Economists Estimated That State Tax Revenue, Excluding Federal Aid, In March 2021 Exceeded Pre-Pandemic Levels

“In fact, a recent Urban Institute analysis estimates that total state tax revenue (excluding federal aid) in March [2021] was 10.8 percent higher than pre-pandemic levels. Based on BEA data, total state and local tax collections were 11 percent above pre-pandemic levels in the first quarter; even excluding federal aid, state tax collections were 7 percent above pre-pandemic levels. By comparison, inflation and nominal GDP growth were both less than 2.5 percent over the same period. Over the course of the pandemic, total state and local receipts were 12 percent higher than the year earlier (though due to a dip in the second quarter of 2020, tax revenue was only 2 percent higher excluding federal aid).” (“State & Local Aid is On Its Way, But Is It Needed?,” Committee for a Responsible Federal Budget, 5/18/2021)

‘For Many [States] The Worst Didn’t Come’ And ‘Tax Collections Turned Back Up Again, All In The Span Of A Few Months’

“Democrats have argued … that states face dire fiscal consequences without aid, and included $350 billion in relief for state and local governments in President Biden’s $1.9 trillion federal stimulus bill, which narrowly passed the House this past weekend…. As it turns out, new data shows that a year after the pandemic wrought economic devastation around the country, forcing states to revise their revenue forecasts and prepare for the worst, for many the worst didn’t come…. By some measures, the states ended up collecting nearly as much revenue in 2020 as they did in 2019. A J.P. Morgan survey called 2020 ‘virtually flat’ with 2019, based on the 47 states that report their tax revenues every month … A researcher at the Urban-Brookings Tax Policy Center, a nonpartisan think tank, found that total state revenues from April through December were down just 1.8 percent from the same period in 2019. Moody’s Analytics used a different method and found that 31 states now had enough cash to fully absorb the economic stress of the pandemic recession on their own.” (“Virus Did Not Bring Financial Rout That Many States Feared,” The New York Times, 3/01/2021)

• “Most state tax collections plunged last spring when shutdown orders started and millions were thrown out of work as businesses closed. That prompted many states to issue doomsday forecasts, lay off workers and turn to Washington for billions of dollars in aid to replace revenue they were expecting to lose. Many feared a replay of the Great Recession … But this time, after falling 4 percent over all, [Brookings Institution economist Louise] Sheiner said, tax collections turned back up again, all in the span of a few months.” (“Virus Did Not Bring Financial Rout That Many States Feared,” The New York Times, 3/01/2021)

And Now, ‘States Are Swimming in Cash’

“States Are Swimming in Cash Thanks to Booming Tax Revenue and Federal Aid … State revenues between April and November increased 24% from 2020 to 2021, according to a survey conducted by the Urban Institute think tank. Thirty-two states said revenue collections for fiscal years ending in 2022 were ahead of projections, according to the National Association of State Budget Officers …” (“States Are Swimming in Cash Thanks to Booming Tax Revenue and Federal Aid,” The Wall Street Journal, 1/21/2022)

Democrats In California Gleefully Used The Money They Got From 49 Other States To Send Checks To Voters As Part Of A Scheme To Reelect Gov. Gavin Newsom (D-CA)

“California residents making less than $75,000 can officially expect new $600 stimulus payments as part of a package of budget bills Gov. Gavin Newsom signed [July 12^th]. Newsom celebrated the bill signings at a Tuesday afternoon rally in Los Angeles with political allies in government and the labor movement, where speakers took a political tone, framing the budget as a reason to keep Newsom in office. Newsom, a Democrat, face[d] a recall election in September.” (“Gavin Newsom Signs California Budget Bill Authorizing $600 Stimulus Payments,” The Sacramento Bee, 7/13/2021)

• “Under the legislation, Californians who make between $30,000 and $75,000 will receive $600 stimulus payments this year. It also sends $500 to families with children, and $1,000 to undocumented families with children, who were largely left out of federal stimulus payments.” (“Gavin Newsom Signs California Budget Bill Authorizing $600 Stimulus Payments,” The Sacramento Bee, 7/13/2021)

“California lawmakers voted tonight to approve a record-busting state budget that reflects new agreements with Gov. Gavin Newsom … The $262.6 billion spending plan for the fiscal year that begins July 1 was fueled by a $76 billion state surplus and $27 billion in federal aid.” (“Five Things To Know About Newsom’s Budget Deal With Legislature,” CalMatters, 6/28/2021)

“[A]s Newsom fights to hang onto his job, he’s used the budget process to show voters his priorities. In May, he barnstormed the state, announcing multi-billion dollar budget nuggets in every major media market … In June, he launched the first TV ads of his anti-recall campaign — featuring the same ‘roaring back’ branding and a focus on the same budget items: funding to house 65,000 homeless people, $600 stimulus payments for most Californians and $4 billion in grants for small businesses. ‘Newsom is delivering money to your pocket,’ the ad says.” (“Five Things To Know About Newsom’s Budget Deal With Legislature,” CalMatters, 6/28/2021)