President Joe Biden’s aid plan for Covid is going through Congress.
The $ 1.9 trillion account includes money for a myriad of programs, including enhanced unemployment benefits, vaccination efforts and $ 1,400 stimulus checks.
Direct payments alone are estimated to cost more than $ 400 billion.
Financing new relief spending involves an interesting way to borrow and print money figuratively, according to Sahil Bloom, financial educator and vice president at Altamont Capital Partners.
Bloom said the government can create money without actually printing physical currency. “We live in the digital age. So money is really just numbers on a screen, ”he said.
The venture involves three main players: Congress, the Treasury Department and the Federal Reserve. Check out this video to see who really “clicks the button” and how the process can backfire.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Nuts.