There are two competing economic models on offer in this country: the dollar store model, which emphasizes high profits, low wages, and low interest rates; and the social democratic model, which attempts to rebuild the middle class by beefing up the welfare state with revenues obtained from the affluent. Biden’s huge social capital bill is the centerpiece of his legislative effort to change models. His success or failure as president will, in the long run, be judged by what happens with that bill. Period.
The next few months will be very interesting, indeed. Will a handful of Democrats on the ideological margins effectively throw power back to the GOP? It will take all of the leadership’s skills to see that they don’t.