But I won’t weep at higher taxes on corporations, especially on their foreign profits, which is how the president proposes to pay for most of the infrastructure plan. I’d wager most Americans will also be OK with this.
Treasury Secretary Janet Yellen seems to think the risk in all this spending is minimal because money is cheap right now. Interest rates and inflation are both low.
And Trump’s deficit spending and tax cut for the rich already blew up the debt and GOP fiscal credibility.
But let’s face it, Joe is not FDR. Nobody is. Nobody could be in the politics of today.
But Biden is liked, a huge asset. And here is a profound irony: Obama governed as a moderate but ran as, and was somehow seen as, radical. (His mantra was, “better is still better.”) Biden intends to govern as a profound change agent, but ran, and is seen as, the opposite of radical — an old shoe.
I do think this: The key to FDR’s success was not program but faith and optimism, and, secondly, innovation. If Biden stays upbeat and flexible, keeps talking directly to the people, and sticks to economic and not cultural issues, he may avoid the midterm humbling that turned Presidents Clinton and Obama into regents.
For here is something that is entirely possible: that the paradigm has already been changed, by history and circumstance. COVID-19 may have changed the paradigm before Joe Biden took office.
———©2021 PG Publishing Co. Visit at post-gazette.com. Distributed by Tribune Content Agency, LLC.