Michael Bloomberg: Money in Hand
on Sunday, June 27, 2021Michael Bloomberg Money Quote saying If people have money, they’ll put that money into the economy to save, invest and banks will loan it out. Michael Bloomberg said:
“And I think the more money you put in people’s hands, the more they will spend. And if they don’t spend it, they invest it. And investing it is another way of creating jobs. It puts money into mutual funds or other kinds of banks that can go out and make loans, and we need to do that” — Michael Bloomberg
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In this quote, Michael Bloomberg is arguing that putting more money in people’s hands through various economic policies will help stimulate broader economic activity and job creation.
He notes that if people have more money, they will either spend it, which increases consumer demand for goods and services and helps businesses grow and hire more employees.
Or they will invest it, such as by putting it into mutual funds or savings accounts, and this capital can then be used by those institutions to make loans to other individuals and companies, again fostering more economic activity and job creation.
By saying “we need to do that”, Bloomberg appears to be advocating for policies that aim to put more disposable income in the hands of consumers and investors as a way to strengthen the overall economy and labor market.