This is CBS, High on the World, I'm John Bachelors.

What is emergency spending?

Remember now, the inflation we're witnessing and the Federal Reserve is fighting is very

likely the product of government spending extravagantly these last years.

So there's government spending and then there's emergency spending.

Are they the same thing?

I welcome.

Verneak to regime the Mercatus Center, writing a creator's syndicate about a habit, an addiction,

a fascination with emergency spending, no matter the Congress, no matter the party, no

matter the president, emergency spending.

Verneak, a very good evening to you.

I never paid attention to it.

I remember it always being at the end of a news item when there was some crisis somewhere

in the world that the US wanted to respond to.

What is emergency spending?

Where did it come from and why is it so useful to Congress?

Good evening.

Good evening, John.

So emergency spending is just spending, but it's the kind of spending that get authorized

when in theory there's an emergency, not through the regular budget process.

Imagine that Congress is done with its budget or it's already well engaged on the way and

there's, let's say, a hurricane or there's a pandemic or whatever.

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