This is a good point, but there is a counter-argument as well. America is currently divided into the rank-and-file class vs. the stockholder class. The governments' actions so far have been heavily benefitting the latter. Workers get a $1000 cheque, stockholders get a 20% net worth increase. Mom'n'pop shop closes due to lockdowns, Walmart eats up their niche due to being exempt.

Taking too much money out of the economy at this point would harm the interests of the stockholder class, so they would try to do as little of it as possible. Of course, that would only deepen the divide and push Gen Z into accepting more socialist demagoguery, but the short-term stock market dip might be somewhat less than in the dotcom times.