Given the likelihood of a GOP majority in one or both houses of Congress, you might think taxes would be off the table in a second Biden term. You would be wrong.
The Trump individual tax cuts expire in 2025. The GOP will be desperate to keep them in place. That gives Biden leverage to push new safety net spending in exchange for meeting the GOP demands. History tells us he will use it.
The deficit scolds will complain. They will even be right. But that’s the way politics work in America today; choices that appear to be hard are actually impossible.