No walk this morning – light rain. As I checked in periodically with cable news yesterday to see whether there was any possibility of the $2000 checks being approved by the Senate, it occurred to me to wonder just how great a burden this would place on the federal budget were it to be passed. I asked Google what interest was being paid these days on treasury notes and came up with the following information: 0.38% on the two-year Treasury note. 0.54% on the 10-year note. 0.99% on the 30-year Treasury bond. Thus if the United States government were to borrow enough money to permit it to distribute $2000 checks to each of the 200 million least well off Americans, thereby assuming an additional debt of $400 billion, and if it were to raise this money by selling $400 billion in 30 year treasury bonds, it would find itself burdened each year with an additional cost of just a tad less than $4 billion. Since it would receive back a good deal more than $4 billion a year in tax revenues from the increase in economic activity stimulated by these payments, the expenditure would clearly pay for itself. It is a mystery to me why this point is not made by the proponents of the payments in response to the hectoring by the deficit hawks who have newly rediscovered their inner stingy.