The worst of the coronavirus recession is past. Now what?

When the Department of Commerce announced on Thursday that the advanced estimate for second-quarter GDP growth came in with a bone-chilling 32.9% decline on an annualized basis, Congress was debating the details of another multitrillion-dollar relief package for America’s beleaguered, coronavirus-fatigued population. An extended federal supplement for the more than 20 million unemployed people, along with perhaps another round of cash payments for families, will almost surely be finalized before Congress goes on recess.

But while our legislators deliberate and the coronavirus surges, GDP growth (which until the pandemic was...