Joe Biden mostly casts himself as a return to normalcy. But what he is promising as well is a continuation of the liberal tradition of Roosevelt, Johnson, and Obama. jonathanchait writes
Photo: Jonathan Bachman/Getty Images One of the more confusing questions pollsters have asked Democratic voters to answer this year is whether they would prefer their candidate “return to Obama’s policies” versus pursuing a more liberal course. A modest plurality picked the Obama option. You couldn’t find a bigger believer in Obama’s legacy than me — I literally wrote a book touting it — and I’m not even sure how I’d answer that question.
Biden was not saying that. His point was that he was asking them to take a hit to their after-tax income in return for buying social peace, but that the sacrifice would be finite — he would not confiscate their homes or end their livelihoods. Indeed, last week the Tax Policy Center published its analysis of Biden’s plan to increase taxes on the rich. The plan would raise $4 trillion over a decade, making it — if enacted — one of the largest wealth transfers in American history.
Now, as Biden promised, that still wouldn’t be a “fundamental” change in their lives. They would still have a lot of money — more, in most cases, than they enjoyed a decade ago. But it is still a very sizable change, one that would likely meet with bitter and even hysterical resistance from the rich when introduced in Congress.
There is more Biden could be proposing to advance the liberal agenda. I’ve argued he should adopt some of Elizabeth Warren’s anti-corruption and financial regulation plans, including a financial transaction tax. Eric Levitz has some ideas of his own, including marijuana legalization. If he can carry a Democratic majority into the Senate, a lot of possibilities will open. Campaign proposals only go so far, though.
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