• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

2

OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation

3

‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion

1

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

2

OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation

3

‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion
PoliticsInflation

Ron DeSantis is convinced Biden’s stimulus caused inflation. His solution: Use Biden’s stimulus to send inflation relief checks to Floridians

By
Christine Mui
Christine Mui
Down Arrow Button Icon
By
Christine Mui
Christine Mui
Down Arrow Button Icon
July 22, 2022, 2:38 PM ET
Florida Governor Ron DeSantis .
Florida Governor Ron DeSantis .Paul Hennessy—SOPA Images/Sipa USA/Reuters
Add Fortune on Google for similar content.

“You cannot print trillions and trillions of dollars and expect there not to be some effect on the back end,” Florida Gov. Ron DeSantis said at a news conference in late March. 

“Even Keynesian economics would say if you spend and print, spend and print, that is going to drive up the cost of everything, and so that’s what we’re seeing,” he added, referring to the legendary economist John Maynard Keynes, who, besides literally writing the book on stimulus spending, said over 100 years ago that “there is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.”

But also, as DeSantis noted, the 40-year-high inflation that Floridians are experiencing in 2022 is really a problem.

Last week, DeSantis announced a new strategy “​​to offset the costs of rising inflation.” Especially on the brink of a new school year, he said, “the State of Florida is giving you $450 for each child in your care,” DeSantis wrote in a letter accompanying the checks. “This one-time payment can be used for anything from buying diapers to fueling up at the pump.”

Where does this money come from? In part, the very same stimulus DeSantis derided for its supposed inflationary impact. The governor will use $35.5 million that Florida received from federal COVID-19 relief funds to mail checks to nearly 59,000 foster and adoptive families in the state, First Lady Casey DeSantis announced last week. 

“The American Rescue Plan Act created a $1 billion fund to assist needy families affected by the pandemic within the TANF program,” Laura Walthall, a spokesperson for the Florida Department of Children and Families, told Fortune. “The one-time payments ensured that $35.5 million would be received by Florida families. Had these awards not been made, the funding would have otherwise reverted back to the federal government.”

When Christina Pushaw, a spokesperson for DeSantis, notified Floridians about the letters on Twitter, some pushed back, asking if the checks would make inflation worse, based on the governor’s prior logic. Pushaw denied that the state’s stimulus payments would contribute to inflation. 

“The federal government causes inflation by deficit spending. Stimulus checks were part of that. By contrast, the budget surplus in Florida is at the state level and it’s already money in existence, we do not print money here,” Pushaw tweeted. “So—no, it doesn’t cause inflation.”

Her defense did not alleviate all concerns, and some people followed up by arguing that the payments could still be inflationary because money in a budget surplus is not in circulation the same way a cash injection directly into residents’ pockets is.

DeSantis’s office did not respond to Fortune’s request for comment.

Checks have already been mailed directly to eligible families, who should receive them within the next seven days, the Florida Department of Children and Families told Fortune.

No application was necessary to receive the checks, as was the case with previous COVID-19 relief payments. Eligible recipients include foster parents, relative and non-relative caregivers, and participants in the Temporary Assistance for Needy Families cash assistance program and the Guardian Assistance Program, according to the department. 

Florida is among several other states, including California and Colorado, that are issuing stimulus or tax rebate checks this summer to lessen the burden of inflation on their residents. At least 10 states have also stepped in to give refundable credits or deductions to families with children after the federal child tax credit expired last year. In March, DeSantis approved another year of $1,000 bonus checks for first responders.

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.

About the Author
By Christine Mui
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in Politics

Anthea Hartig, Director of the National Museum of American History, looks to her left at a House Committee.
PoliticsWhite House
Smithsonian director derides a White House report branding the museum as ‘woke’
By The Associated Press and Steven SloanJuly 21, 2026
15 hours ago
Trump says ‘we’re gonna help’ Lebanon as he moves to restore direct flights after four-decade hiatus
North AmericaDonald Trump
Trump says ‘we’re gonna help’ Lebanon as he moves to restore direct flights after four-decade hiatus
By Kareem Chehayeb and Will WeissertJuly 21, 2026
15 hours ago
Defense Secretary Pete Hegseth sits and speaks at a Senate Committee Hearing
PoliticsDonald Trump
‘Without these funds, we face critical shortfalls’: Hegseth on additional defense spending following $37.5B Iran War price tag
By The Associated Press and Lisa MascaroJuly 21, 2026
15 hours ago
kid lying down on phone
PoliticsSocial Media
Lawmakers say they’re protecting kids—but their age checks are quietly building an ID requirement for the entire internet
By Catherina GioinoJuly 21, 2026
15 hours ago
Moldova’s parliament elects 44-year-old businessman investor Vasile Tofan as prime minister
PoliticsEuropean Union
Moldova’s parliament elects 44-year-old businessman investor Vasile Tofan as prime minister
By The Associated PressJuly 21, 2026
15 hours ago
Bill Gates called meeting Epstein a ‘grave error in judgment.’ A new review shows the Gates Foundation still met with him about 30 times
North AmericaBill Gates
Bill Gates called meeting Epstein a ‘grave error in judgment.’ A new review shows the Gates Foundation still met with him about 30 times
By James Pollard and The Associated PressJuly 21, 2026
17 hours ago

Most Popular

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
Success
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
By Sasha RogelbergJuly 20, 2026
2 days ago
OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation
Cybersecurity
OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation
By Jeremy Kahn and Emily ForliniJuly 21, 2026
17 hours ago
‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion
Success
‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion
By Sydney LakeJuly 20, 2026
2 days ago
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
AI
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
By Eva RoytburgJuly 21, 2026
20 hours ago
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
Success
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
By Emma BurleighJuly 21, 2026
21 hours ago
'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic
AI
'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic
By Jason MaJuly 18, 2026
4 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.