All this is a long winded way to say that the current stimulus package is not going to be inflationary, and the real danger is undershooting the target. If the package isn't big enough the first time, then the legislative dance will have to be joined again, without the current political consensus to drive passage. The answer is to adopt a "too large" package, and give the secretary of Treasury and President the ability to trim it back in the case of an early end to the recession. Congress is loathe to relinquish financial control, but they need to cowboy up and take the one time hit to their power. Perhaps we could trade stronger war making authorization powers to the House and Senate in trade.
Color Pattern - [image: ♫ When the spacing is tight / And the difference is slight / That's a moiré ♫]
1 day ago