No one can doubt that $1.9trn is serious spending. But it is a lot less than the debt funded money Trump pumped into the US economy via massive corporate tax cuts, tax cuts for the wealthy and his own stimulus package. Those are, it would seem, successes in Evans Pritchard’s’ eyes. The trouble with the Biden stimulus is that it’s just too much of a good thing, apparently. That, of course, is so often the case when state support goes to those in lower incomes, in the opinion of the right wing.
Stimulus is cumulative. Moron.
The next bit adds on to the effects of the last bit. Tax cuts and spending are both stimulative so the more that is done of the one the less room – before inflation – there is to do the other.
The actual argument therefore is, as is being said by entirely serious people like Larry Summers, that we can’t carry on spending because Trump already shot the fiscal bolt with the tax cuts.