Government spending multiplier
Cullen, you have commented on and shared research about the myth of the money multiplier as it pertains to the banking system.
Would you please comment on the notion of a multiplier impact of government spending? Just today I read an opinion stating that “Macroeconomists [sic] conclude that today’s multiplier is 1.7.” I recall reading a couple of years ago in a article supporting the importance of the SNAP (food stamp) program, stating that every dollar the government spent on food stamps ended up providing $1.80 (or something like that) of economic benefit, a notion that is in line with the general government spending multiplier belief.
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