I think the biggest issue is that the middle class and businesses were hollowed out due to the lock downs. With all the small businesses closed, I don't see how the economy is not slowing down. I don't think it is possible for them to tighten either right now.
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Small businesses were obliterated, especially in the Blue States. That is something that is going to drag on employment since, historically, they were the ones who created most of the new jobs.
It is easy to buy into the latest rhetoric. The problem is, in watching some of the trends, what is being espoused might be shifting, and quickly.
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