I would not. I would characterize it as expansionary fiscal policy. We are spending, at the federal level, about $140 billion more than prepandemic levels.
Not all the spending is unwarranted. I think reasonable debate can happen on each of these measures that were not COVID-related. For example, I think there's a lot of merit to child care spending.
I would agree that, overall, there was an overstimulation in the last few budgets.