Politics needs fiscal constraints

With Joe Biden days away from signing a $1.9 trillion COVID-relief package, most Democrats are ecstatic. To paraphrase one liberal pundit, it feels like nothing less than the definitive end of the Reagan era and the start of a new one in which progressives act more boldly than they have since the 1960s.

For starters, the bill is enormous. Whereas the 2009 stimulus was 5.5 percent of 2008 GDP, the relief package that passed the Senate this past weekend is 9.1 percent of 2020 GDP — and it comes on the heels of the $900 billion relief bill that went into effect less than three months ago, which itself came just nine months after the massive $2.2



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