A great deal of it is being held by federal, state, and local budgets, acting like budget surplus or being hidden as 'allocated' on the balance sheets to hide that it's not being spent or used for the intended purpose. Like Social Security. Many of these states and municipalities are doling out 'grants' left and right to no-bid contracts. Even here in Florida. DeSantis is using the state's share to make tax holidays to encourage greater spending/borrowing.
That's deposits. This money is supposedly spent, but was never put out there. They ratholed it away. It's where they suddenly get money for their pet projects. A full audit would find the amount of intake doesn't match the out flow.
This is cash in circulation
This is money in demand-deposit (e.g. checking) accounts.
A lot of that money helicoptered in and/or not spent during the pandemic is indeed still out there.
A great deal of it is being held by federal, state, and local budgets, acting like budget surplus or being hidden as 'allocated' on the balance sheets to hide that it's not being spent or used for the intended purpose. Like Social Security. Many of these states and municipalities are doling out 'grants' left and right to no-bid contracts. Even here in Florida. DeSantis is using the state's share to make tax holidays to encourage greater spending/borrowing.
US government deposits are excluded.
That's deposits. This money is supposedly spent, but was never put out there. They ratholed it away. It's where they suddenly get money for their pet projects. A full audit would find the amount of intake doesn't match the out flow.