It is generally accepted by the center-left that the 2009 stimulus package was too small for the occasion. There were two good reasons for that: political resistance to a larger package; and the lack of accurate information about the magnitude of the recession in real time.
Most of the Obama veterans don’t want to make the same mistake twice; they are holding out for an extremely large bill that far exceeds the output gap this time around. The circumstances are different, however. Regardless of the current slowdown in job creation, most of the economy is operating more or less at full speed; in addition, asset prices and savings have gone up substantially over the past year, providing a pool of money for a large economic expansion after the pandemic has been overcome. The problems are limited to a few specific industries and to state and local governments. They need relief immediately, but on a temporary basis; the rest of us are doing fine, and do not require any assistance.
We seem to be headed towards a form of Abenomics with American characteristics, inspired by the performance of the Trump economy prior to the pandemic. Paul Krugman insists the benefits of this exceed the risks. Is he right? I will comment on that tomorrow.