President Joe Biden’s relief plan Covid is moving through Congress.
The $ 1.9 billion account contains money for a myriad of programs, including enhanced unemployment benefits, vaccination efforts and $ 1,400 stimulus checks.
The direct payments are expected to cost more than $ 400 billion.
According to Sahil Bloom, a financial educator and vice president of Altamont Capital Partners, there is an interesting way to borrow money and print figuratively.
Bloom said the government can create money without pushing physical currencies. “We live in a digital age. So money is just numbers on a screen,” he said.
The venture involves three key players: Congress, the Department of the Treasury and the Federal Reserve. Watch this video to see who “clicks on the button” and to learn how the process can fall back.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.