Don’t blame stimulus checks for inflation, says Andrew Yang, who still supports sending free cash

Don’t blame stimulus checks for inflation, says Andrew Yang, who still supports sending free cash

MIAMI — Former presidential candidate Andrew Yang says that Covid stimulus checks are not to blame for the recent inflation spike — and he's still in favor of sending people free cash as a way to insulate workers from economic shocks and technological disruption. The universal basic income (UBI) evangelist told CNBC on the sidelines of the Bitcoin Miami conference that stimulus checks comprise "maybe 17%" of the money issued with the — a measure passed by Congress to unlock trillions of dollars in stimulus funding to shore up the economy amid worldwide lockdowns. "Where did the other 83% of the money go? It went to institutions. It went to pipes," said Yang, who and guaranteed monthly payments from the government to all citizens aged 18 to 64, with no strings attached. "Money in people's hands for a couple of months last year — in my mind — was a very, very minor factor, in that most of that money has long since been spent and yet you see inflation continue to rise," said Yang, who also pointed out that prior to the pandemic and Economic Impact Payments, the primary drivers of inflation were staples like education, health care, and