If you think, as the CBO does, that our aim should be to restore the 2017 labor market then $1.9 trillion really does look too big.

But if you want to get the February 2020 labor market back then it's if anything too small.

https://www.slowboring.com/p/full-employment

This is a critically important distinction. The "$1.9 trillion is too much" math is based on the view that unemployment was too low all throughout 2018 and 2019 and then for the first too months of 2020.

Ask yourself: Do you agree with that? I don't.

More speculative — I believe, contrary to standard economics, in endogenous productivity, the idea that a prolonged full-employment economy will engender productivity growth.

https://www.slowboring.com/p/full-employment