Then, crucially, the federal government stepped in with covid-relief funds, which had been someway granted to prisoners. (Congress didn’t bar us from getting stimulus cheques, although the Inner Income Service tried to.) That windfall got here as a complete shock…
Stimulus funds meant individuals habituated to shortage abruptly had $1,200 of their fingers (then $2,000 extra as the federal government accepted two extra payouts). And somewhat than splurge on objects we normally go with out – honey buns ($1.10 every), king-size chocolate bars ($2.40) or high-end toothpaste ($5.28) – quite a lot of of us selected to speculate.
Cryptocurrencies have been well-liked too. Right here is the complete Economist/1843 story. And get this:
The perverse incentive construction of prisoner accounts makes issues worse. The jail doesn’t contact account balances under $25, the edge at which a prisoner is taken into account indigent. However for these with greater than $25, the jail deducts onerous charges totalling 55% of incoming transfers. “Each week I’ve to max out my commissary order and nil out my account,” Steve stated. Prisoners are being conditioned to stay pay cheque to pay cheque.
The authors are themselves incarcerated in Washington state. By way of Mike Rosenwald.