What to make of Joe Biden’s plans for a second term

Mr Biden came to power in 2021 with a grand vision to remake the American economy for the middle class. His foreign policy was organised around this goal, too. FDR was mentioned. In office he was constrained by the Senate. Without the votes to overcome the filibuster, Bidenomics had to be implemented through giant budget bills and regulations. Some of the results have been beneficial, particularly in spurring investment in green technology. But overall, Mr Biden has placed far too much faith in regulation, protection and intervention, rather than animal spirits, to boost the economy.