From a financial perspective: The answer would be yes. The US has a better credit rating (lower borrowing rate) than we do as individuals, so they can borrow 10 year debt for 0.95% while we would need to pay at least about 2.25% on a 15 year mortgage, so let them borrow, give me the money, and we'll pay it back with their interest rate over coming decade.
From a practical perspective, those who receive the stimulus will likely pay back little, and those ineligible to receive will pay for most of it. In effect this is a redistribution of wealth, on a modest level, and to stabilize the economy (and the stock market). (and this time its obvious the beneficiaries include many many hard working people including small business owners)
I'm fine with this as a matter of policy, if the economists feel its needed to support the economy, but I sure hope we don't need any more after this most recent one! Perhaps the next one, if needed, should be conditional up receiving the vaccine.
This argument falls apart if you're a taxpayer. Half the country doesn't pay any taxes, so the gov't is giving you $600 but taking back more to give the $600 to those who aren't paying it back. If you aren't paying taxes, the $600 isn't a loan it's a gift.
That being said, I do support government spending now. I'm not sure blanket stimulus check are the best way to go about it, but when there is zero inflation and thus zero interest (and talk of negative interest rates) the government should increase the monetary supply as much as it can. Any measured response that is properly deliberated won't destabilize the currency, especially when there aren't any safer currencies around. Now is the time to spend spend spend. Maybe green energy and infrastructure will do us better than giving people checks, but never expect too much competence from the government. It's not like they managed to improve testing, stocked vaccines prior to approval, or bought the IP to produce vaccines quicker now.
Frankly, for 20% of this bill they could've bought the entire Pfizer outright and published the vaccine recipe for everybody to produce.
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