Yes. This isn't 2009, household balance sheets on average got stronger during the crisis, banks are in good shape, and the *macroeconomic* risks from delay or reduction in the stimulus aren't as large as people think. The primary case for relief is helping individuals in need.
https://twitter.com/kapoano/status/1316806834020376576
The crisis has put many households in a stronger position to spend -- people who kept their income, cut spending, and got relief funds -- even as others struggle to make ends meet. At a macro level, that can sort of come out in the wash. But there's a lot of individual pain.
These are both important issues and people sort of conflate them. Cutting off unemployment checks will put a lot of people in dire economic positions -- true. Cutting off unemployment checks will cripple economic growth as a Biden admin starts -- eh, probably not true.
The stock market is looking at the latter thing -- which matters a lot, because a too-slow recovery also causes lots of individual pain -- but it doesn't really measure the former at all.
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