From Ben Casselman: “…unlike with most measures of the economy, retail sales are actually ABOVE their prepandemic level. Up 2.6% from February, and 2.9% over the past year. So not a clean story like with jobs.”
And from Larry Summers: ” Total household income is 8% above what anybody thought it would be before Covid.”
There are very real macroeconomic problems right now, but please keep the following in mind while drawing up a “demand-based” stimulus plan. Focus on public health!