US trading partners can expect an export boom, but that alone will only have muted benefits for them.
While those on the left, right and middle worry about the federal deficit, the real world that we live in is in trouble. The fiscal prudes are fretting about the wrong issues.
As Congress considers further financial help for victims of the coronavirus pandemic, the magnitude of the fiscal crisis that governors and their states will have to face is just starting to emerge.
Critics complain that government debt saddles future generations with a financial burden. The critics are wrong.
Hammond has taken an oddly similar stance to former shadow chancellor Ed Balls: running a deficit and boosting infrastructure spending.