Tyler Cowen: If Biden goes big now, he may have to go small later

Although President Joe Biden’s $1.9 trillion aid and stimulus package now appears likely to pass, the current state of the economy suggests that a much smaller program would suffice. Vaccines are on the way, many state budgets are in OK shape, household balance sheets are robust including many for the poor, real estate is booming and retail sales are above where they were a year ago.