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[ZEROHEDGE] No Stimulus, No Problem: One Bank Sees “No Armageddon” Without A New Stimulus Deal

Zero Hedge

No Stimulus, No Problem: One Bank Sees “No Armageddon” Without A New Stimulus Deal

Tyler Durden

Mon, 10/12/2020 – 21:40

In recent weeks, many have opined – this website included  – that with the US economy careening into a double dip recession (or perhaps depression), it is imperative that Congress and the White House cast aside their differences and pass a substantial, $1.5-$2 trillion stimulus bill or else the US middle class will be hammered as the spending and consumption tailwind from the previous covid rescue bills fades away.

Furthermore as reported previously, there already has been a sharp slowdown in spending among groups who were recipients of expanded Unemployment Insurance benefits – which faded away on July 31 – as the chart from Bank of America shows:

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