The Biden administration’s promises to ‘think big’ and rebuild the country seem like a major historical departure from decades of policy orthodoxy.
“Let us think big,” exhorted US Secretary of the Treasury Janet Yellen in May. “Let’s build something that lasts for generations.”
Such is the transformative rhetoric behind President Joe Biden’s economic-policy agenda. But what, exactly, will be built, and how will America be transformed? The answer is bound to be as much political as economic, because Biden has set out to respond to the anger that led many workers to vote for his predecessor, Donald Trump.
In recent weeks, much of the US policy debate has focused on the size of the Biden administration’s $1.9 trillion American Rescue Plan, with critics arguing that it represents excessive