Big Government Returns, Bill Clinton Is So Yesterday, Obama Is Pleased

The American Economy has been unalterably altered.

Last week President Biden signed into law the $739 billion Inflation Reduction Act (IRA). If not a new New   Deal it certainly is what Biden likes to call a Big Deal. Not because the law will do anything to slow inflation. The effect on the inflation rate will not “be statistically different from zero” according to the Penn Wharton Budget Model.

The Bureaucracy Readies For Action

IRA is a big deal because it permanently increases the power of government and shrinks the role of markets in the American economy. In large swathes of the American economy Adam Smith’s invisible hand has been replaced by the strong arm of government.