The Biden administration and Democrats in Congress are closing on passing a new fiscal stimulus package.
As always, an economist should be asking, compared to what? Greg Mankiw posted this chart drawn from Moody's Analytics:
Do note that this is scaled by GDP, so this is showing that the 2 stimulus packages passed so far are already more generous than those in every other large economy except Japan. Reasonable estimates of the size of our third package will blow right past Japan.
And, of course, as the largest economy in the world, the close to largest percentages of the largest economy indicate that our government has already gone bigger than everyone else.
N.B. While the cases and deaths in the U.S. are large, we are the third most populous country in the world. Relatively speaking, our pandemic is objectively not worse than most of the other countries on this list.
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