The latest COVID-19 relief package looms large, but too many commentators miss the forest for the trees.

Outrage at various provisions, such as the unconditional cash payments or the extension of unemployment benefits, is certainly understandable. But we need more concern over what this package will mean for the future of U.S. public finance. Don’t lose sight of overall fiscal sustainability, which is rapidly eroding. $1.9 trillion is a lot of money. We should care how it’s spent. Yet, the size of the package matters independently from its composition. Perhaps because the media and public officials are desensitized to this amount in the aftermath of 2020’s spending extravaganza, we haven’t heard much about the sheer size of this latest budget-buster. That’s unacceptable.