Four coronavirus stimulus bills have become law, with less than 10 percent of the $3 trillion authorized by Congress moving directly into the pockets of workers. Instead, we got a program that purported to provide forgivable loans to small businesses to cover their payrolls rife with institutional corruption.

Progressives received a pittance, with their priorities, such as debt relief for students and infrastructure spending, falling by the wayside. On the other hand, centrists and Republicans feasted at the trough with tax breaks and other goodies for their K Street donors.

After this spending, along with the Trump tax cuts and massive defense spending increases, it is inevitable that within the next few months, in particular if a Democratic administration enters the White House, there will be loud cries for a new age of austerity. Republican governments feel free to spend on wars and tax giveaways going for the wealthy, powerful, and well connected, while Democratic ones try to claim the mantle of fiscal responsibility and institute often-odious policy restraints in order to cut the deficit.