Mostly covid less demand or supply.

And in a pandemic — as in the aftermath of a financial crisis — it isn't. The number of people employed in America is determined by demand, not willingness to work. Blaming UI forunemployment in a crisis is a zombie idea

That was Krugman.

Extend = 60 million times 1000 for three months. 180 billion. Everything comes in 150-185 billion these days.

I am not against it, but there are a couple of add ons that make this a trillion dollar bill, according o Nancy. The Fed tax will go up an other third based on the Fed balance sheet.  The regulated banks have to find that tax in their industry and they are getting fewer and fewer options. I am no sure Krugman is connecting these dots.

But, it is neither supply nor demand, at the moment, it all coivd.  The critical stopping point is , as of yet, our inability to crack that covid shell on a systematic basis.  Few people are aware of the significance, but supply vs demand in the forma sense does not apply, this is a single axis issue.