US President Joe Biden's high-spending protectionism is bad policy and worse politics, says Janan Ganesh for the Financial Times.
US President Joe Biden 's high-spending protectionism is bad policy and worse politics, says Janan Ganesh for the Financial Times.
Wage growth outstripped inflation for almost all of Trump’s term. Under Biden, it didn’t do so on a consistent basis until 2023. He is spoilt for mitigating circumstances to cite, such as a global pandemic and a war. But his spending bills implicate him in price rises far more than other world leaders over the period. That is reason enough for Harris to detach herself from them.
Put these factors together, and Bidenomics would have run into electoral trouble in any era, except one in which voters craved an interventionist state. And here is the crux. Are we living through such a time? Was 2020 a leftward turn in the public consensus, as 1979 to 1980 was in the opposite direction? Did the pandemic uncover a pre-existing frustration with “neoliberalism”? If so, Harris should pledge to continue her boss’s statist project.
If a centre-left leader understands the ambiguous mood out there, it is Keir Starmer, who has the parliamentary numbers to turn Britain upside down, but knows he won them on the premise that he wouldn’t dare.Thrice in this young century, progressives have sensed a leftward change in the intellectual weather: 2020 itself, the financial crash of 2008 and the one people forget, Sep 11, when the heroism of public sector workers was hailed in some quarters as the start of a pro-government epoch.
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