Why Biden’s $1.9 trillion stimulus proposal isn’t just a stimulus

There’s been a lot written over the past few weeks about whether President Biden’s $1.9 trillion economic “rescue” package is too small or too big. But an equally important question — and one that underpins the size debate — is what the package should do: Should it be targeted as efficiently as possible to stimulate an economic recovery, or provide quick relief to as many people as possible?

Economists on the stimulus side argue the package should focus on filling the giant hole Covid-19 has left in the US economy....