Fishback, however, stated that "Sending checks isn't inflationary … lockdowns and labor shortages compounded the effect of inflation [during COVID]. But the macro backdrop today is disinflationary."
"It is similar to tax refund season — when the average check from the IRS is $3,100 and it goes to people's rainy day fund, saving, and paying down debt."
Fishback noted that the government would only send checks to people paying taxes, which would incentivize people to get back to work — as opposed to the COVID stimulus checks.