Such comparisons with the mid-century heyday of Keynesianism no doubt help to capture the drama of the moment. They express the wish of many, on the left as well as the right, to return to that moment when the national economy was first constituted as an integrated and governable entity. As the interconnected implosion of demand and supply demonstrated, macroeconomic connections are very real. But as a frame for reading the crisis response in 2020, this retrofitting risks anachronism. The fiscal-monetary synthesis of 2020 was a synthesis for the twenty-first century. While it overturned the nostrums of neoliberalism, notably with regard to the scale of government interventions, it was framed by neoliberalism’s legacies, in the form of hyperglobalization, fragile and attenuated welfare states, profound social and economic inequality, and the overweening size and influence of private finance.

Mid-century economic policy as a rescue system for late-century neoliberal capitalism, like a parent getting their problematic teen out of trouble.