Pandemic relief spending, particularly the temporarily expanded child tax credit, dramatically reduced the number of people below the poverty line. However, Congress’ and two administrations’ failure to target fiscal stimulus to people at the bottom — along with the Fed increasing the money supply — had major down sides, including a surge in inflation and the national debt. The negative impacts of trillions of dollars of subsidies to households and businesses that didn’t need help will likely make it harder to find money to help the poor (and address other needs) in the future.