"Since the onset of the pandemic, lawmakers have spent about $6 trillion on various income-support programs for households and businesses," wrote Donald Luskin, chief investment officer of TrendMacro, in a piece in The Wall Street Journal. "That all dropped straight into the bank accounts that are part of M2, which also grew about $6 trillion over precisely the same period." 2 is cash in circulation along with liquid bank and money-market fund balances.