Behind Biden's Program: A Big Bet on Government --- Plan reverses Reagan-era notion private sector can do a better job

WASHINGTON -- President Biden envisions long-term federal spending claiming its biggest share of the American economy in decades. He wants to pay for that program in part by charging the highest-earning Americans the biggest tax rates they've faced in years.

The Biden economic team's ambitions go beyond size to scope. The centerpiece of their program -- a multitrillion-dollar proposal to be rolled out starting Wednesday, less than a month after a $1.9 trillion stimulus -- seeks to give Washington a new commercial role in matters ranging from charging stations for electric vehicles to child care, and more responsibility for underwriting education, incomes and higher-paying jobs.

The administration has also laid the groundwork for regulations aimed at empowering labor unions, restricting big businesses from dominating their markets and prodding banks to lend more to minorities and less for fossil-fuel projects. All while federal debt is currently at a level not seen since World War II.

It all marks a major turning point for economic policy. The gamble underlying the agenda is a belief that government can be a primary driver for growth. It's an attempt to recalibrate assumptions that have shaped economic policy of both parties since the 1980s: that the public sector is inherently less efficient than the private, and bureaucrats should generally defer to markets.

The administration's sweeping plans reflect a calculation that "the risk of doing too little outweighs the risk of doing too much," said White House National Economic Council Director Brian Deese. "We're going to be unapologetic about that," he said. "Government must be a powerful force for good in the lives of Americans."" [1]

 These ideas have not yet come to Lithuania. The Lithuanian government is doing nothing to change the gloomy fate of the Lithuanian economy after the unification of wages in the European Union.

1.Behind Biden's Program: A Big Bet on Government --- Plan reverses Reagan-era notion private sector can do a better job
Schlesinger, Jacob M; Restuccia, Andrew. Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]31 Mar 2021: A.1.