Here’s the Economic Reality Behind the Rhetoric on U.S. Aid Bill

With $1.9 trillion in coronavirus relief on the line, President Joe Biden and fellow Democrats are depicting an economy still in the grips of widespread crisis, while Republicans see the ingredients in place for a solid recovery that needs only limited additional aid.

The reality is somewhere in between. Payrolls and unemployment filings remain far worse than pre-pandemic levels, a situation that Friday’s jobs report is likely to reinforce. Yet some indicators such as retail sales look fine, and near-record stocks and surging Treasury yields represent a resounding vote of confidence from investors.

Even so, the partisan divergence illustrates why ...