Don’t Call It a Stimulus

What is before Congress is not a stimulus bill. We have often opposed stimulus bills in the past, considering it a mistake for the federal government to borrow money to expand a depressed economy. At the moment, though, the government is not trying to expand the economy or even arrest its contraction. It is principally trying to enable the temporary shutdown of much of the economy with the least humanitarian damage.

The legislation should be judged on whether it aids efforts to slow the spread of coronavirus, aids the treatment...