What If There Is No Low-Hanging Economic Fruit?
Joe Biden is in an economic-political bind, partly of his own making and partly more than a century in the making: He is a hostage of our national religion, the cult of the magic president.
In this case, it is the president-as-rainmaker, the guy who is responsible for the economy—a belief founded on very little other than pure superstition rooted in ancient magical beliefs about national/tribal leaders as intercessors between men and the gods, who by their personal virtue and ceremonial correctness ensure material prosperity. If the rains are timely and the crops abundant, then the king has done right. If there is disease or drought, then …
In the (very) old days, a sacral king who lost the mandate of heaven might expect to be ritually murdered by his successor, but now we just have elections—unless you take Donald Trump’s lawyers seriously, in which case apparently we can expect doddering incumbents to murder their would-be successors. As a tradition-minded conservative, I have to say that I prefer it the other way around, but that’s a longer story.