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Joe Biden once dreamed of an FDR-size domestic-reform agenda. But the collapse of negotiations in Congress on the compromise of the compromise of that agenda will ensure he achieves nothing of the sort — not Roosevelt-size, not Obama-size, nor even Clinton-size. (Bill Clinton managed to increase taxes on the rich, expand the Earned Income Tax Credit, and create a health-care benefit for poor children.) In addition to losing its chance to address any domestic social need in an enduring way, the administration is also having imperiled its global leadership on climate change and a global corporate minimum tax, two measures that hinged on Biden getting his own country’s house in order.
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