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Will Biden's spending bring inflation back from the dead?

The US federal government is gearing up to spend a lot of money these days. So far, to cushion the blow of the pandemic, Washington has already parted with $5 trillion in the form of direct payments to households, forgivable loans to businesses, and other support including aid to state governments. And more is coming.

President Joe Biden has proposed another $4 trillion in federal funds for physical and "human" infrastructure, some of which would create income support and social spending programs that would last well beyond the pandemic.

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