By Nir Kaissar and Timothy O’Brien, includes “President Joe Biden hopes to spend $4.1 trillion on infrastructure, education and various social programs, efforts we think are worthwhile. … The administration wants to finance it by raising taxes on companies and high-earners. But with long-term U.S. interest rates at historic lows, a record surge of cash in circulation and many Americans flush with savings accumulated during the pandemic, the federal government also has access to a trove of cheap money. …”
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