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Everyone needs to change their mental model of the scope of the coronavirus rescue package, Hamilton Place Strategies partner Matt McDonald tells Axios.

The state of play: Federal spending as a share of GDP this year is already closer to World War II levels than it is to the financial crisis, and that is only going to increase.

Sources: JPMorgan, CBO. Graphic: Hamilton Place Strategies

Why it matters: This event will result in big societal changes, big policy changes, and big political changes, Matt says.

  • We're going to see reflection, investigation, accountability and reform. 
  • The changes to come will be commensurate with the size of the event. For example, WWII resulted in the establishment of the Defense Department.
Subscribe to Axios AM/PM for a daily rundown of what's new and why it matters, directly from Mike Allen.
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Go deeper

Updated 24 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President-elect Joe Biden and Vice President-elect Kamala Harris have arrived at the Capitol. Members of congressional leadership and VIPs will soon be introduced. Watch a livestream here.

What's next: Biden and Harris will take their oaths of office. Shortly after, President Biden will deliver his inaugural address. What to expect.

Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

Momentum builds for major antitrust reform

Illustration: Aïda Amer/Axios

President Trump's outgoing antitrust chief Makan Delrahim on Tuesday endorsed a proposal from House Democrats that would put new limits on acquisitions by large companies, during comments made at a Duke University event.

Why it matters: Momentum is building for major antitrust reform, updating rules that were written for railroads instead of routers.

Updated 2 hours ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.