Given the constraints imposed by our political system, there are two reasonably plausible alternatives to the dollar store economy. The right-wing populist alternative would consist of steep tariffs, subsidies for dying industries, erratic regulation allegedly in the public interest, and tax cuts focused more on workers than capitalists. The left-wing alternative is the one that Biden is pursuing today. It features more regulations, higher taxes for business, plenty of support from the Fed, legal assistance to labor in its battles with capital, and a significantly expanded welfare state. The idea is to increase the size of the middle class, to push up demand, and to accommodate large wage increases in our existing economy.
The right-wing alternative has been tried in many countries in the past. It is a proven loser, because it sacrifices cutting edge industries and jobs for the industries of the past, makes your economy less competitive on a global basis, and hurts domestic consumers. The Biden alternative has never been tried under anything like the current conditions. Most of the Democratic Party supports it, but Manchin and Sinema are, at best, lukewarm. Their objective appears to be to keep the dollar store economy, but to sand down some of its rough edges. Who will win this tug of war? I make no predictions on that one.