Coronavirus Rescue Bill Will Be Our Biggest Stimulus Since World War II

Apparently we have reached agreement on the Senate’s $2 trillion coronavirus rescue bill. Not much has changed since Sunday except that an inspector general will oversee the $500 billion corporate lending facility that’s part of the bill.

The astonishing part of all this is that virtually all of the money in this bill is meant to be spent over the next six months or so. That’s about 20 percent of GDP, which isn’t far off the amount we spent on World War II—though obviously that spending lasted considerably longer. By contrast, the 2009 stimulus bill spent roughly $400 billion per year, or a little under 3 percent of GDP.

This is a gigantic bill. Just to give you a sense of scale, here’s what it looks like in the context of the overall budget deficit on an annual basis. World War II is literally the only comparable period in recent history.

THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

payment methods

THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate