The most depressing thing about the demise of the Biden administration’s social-policy agenda — other than the demise itself, of course — is the atmosphere of sheer economic illiteracy that surrounded it. jonathanchait writes
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Later in the same column, Thiessen switched metaphors, scolding again, “But instead of trying to tamp down the flames, Biden keeps trying to pour gasoline on the inferno, with more spending and more free money from Washington.” The tone of this column, like many of the right-wing polemics, is one of incredulous condescension: Biden is such a blithering idiot that he is ignoring the obvious conclusion and instead digging holes and pouring gasoline or whatever.
In deference to public concerns about inflation, Manchin ultimately reshaped the last version of the bill as an anti-inflationary measure. The plan would have raised $1 trillion in new revenue and used half the proceeds for deficit reduction. This would not have had a large effect on inflation, but there is no question that, directionally, it would place downward pressure on prices.
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