Steve Mnuchin

One of the accepted media tales about the Republican Party is that because Donald Trump dominates it politically and stylistically, he also dominates its policymaking process. There are several examples where this hasn’t been true, both during his presidency and after it — but perhaps none more prominent than the TikTok debate on Capitol Hill, which resulted in that modern rarity of a sweeping 352-65 bipartisan vote in the House last week, a vote immediately applauded by populist conservative leaders such as Missouri senator Josh Hawley and institutions such as the Heritage Foundation.

Well, at least this isn’t socialism for the rich. The Trump administration’s gargantuan stimulus package — the third in response to the coronavirus crisis and the biggest by far in American history — is not about bailing out the banks. It’s about saving the financial system tout corps — that means you and me. The government is firing a $2 trillion-plus-sized fiscal rocket in the direction of a looming recession and hoping explodes in roughly the right place. The new bill is expected to include direct payments to most adults of $1,200 or less. Small businesses will get $300 billion, hospitals $130 billion and local and state governments $150 billion.