Payroll tax cuts, state and local government bailouts, propping up universities and colleges — it’s best to hold on to your purses, folks. With serious talk about another round of coronavirus relief funding getting underway, we may witness a frenzy where politicians work feverishly on the fiscal commons. It appears they’ve noticed that in trying times, the public cares even less than usual about how things will ultimately be paid for.
There are no fences that limit the canny elected official from stepping out on the commons and bundling and shipping another load of money to the politically valuable. But before shipping out another trillion or so, it might be reasonable to remember that a large number of people and organizations are already covered by the first package of loans and expanded benefits, and therefore it’s wise to give the first round of funding a bit more time to blossom.
