The Stimulus Effect

President Joe Biden has signed the $1.9 trillion coronavirus aid bill into law, saying he is taking aggressive action to speed up COVID-19 vaccinations and move the country closer to normality by July 4.The package provides $400 billion for $1,400 direct payments to most Americans, $350 billion in aid to state and local governments, an expansion of the child tax credit and increased funding for COVID-19 vaccine distribution.Although subject to a great deal of uncertainty, Jeff Powell and Jeremy Witbeck analyze how the fiscal package could affect the overall economy.