Once upon a time–well, in 2019–there was a fundamental division within the Democratic Party regarding the feasibility of moving away from the dollar store economy. The progressive candidates supported major increases in the size of the welfare state, to be funded by tax increases on the wealthy, while the moderates questioned the wisdom and feasibility of such a radical program, and emphasized the need for unity to get rid of Trump. As we know, Biden won the primaries, so the left appeared to have lost.
The pandemic and the Georgia Senate races changed everyone’s expectations. Moderates and progressives alike united behind extremely ambitious plans to help workers at the expense of business. Biden was going to be FDR for the 21st century. And things started well; even Manchin and Sinema voted for the enormous pandemic package. The war on the dollar store had begun in earnest.
Today, it is dead. The BBB won’t pass in anything like its original form. The best we can hope for is a modest package focusing on climate change. There will be no large tax increases on the wealthy, and no dramatic expansion of the welfare state. The dollar store will continue, to the great relief of businessmen and retirees.
In retrospect, the left’s expectations were way too high. We are back where everyone expected to be when Biden got the nomination. Be grateful for the pandemic relief package and the infrastructure bill instead of complaining about the program that didn’t pass.