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One-term presidents don’t usually leave big legacies on domestic policy. If anything, political parties move away from the ideas of presidents who fail to win a second term. It was true of Gerald Ford, Jimmy Carter and George H.W. Bush.
It will be true of President Biden in some ways, too. Democrats have already abandoned Biden’s initial immigration policy, which contributed to a record surge at the southern border.
But one major part of Biden’s agenda has a decent chance of surviving. It was the idea that animated much of the legislation he signed — namely, that the federal government should take a more active role in both assisting and regulating the private sector than it did for much of the previous half-century.
This idea has yet to acquire a simple name. The historian Gary Gerstle has called it the end of the neoliberal order. Felicia Wong and her colleagues at the Roosevelt Institute, a liberal think tank, have used the term “a new economics.” Jake Sullivan, a top Biden adviser, has referred to it as a new consensus. I’ve described it as part of a new centrism.
The philosophy didn’t originate with Biden, but he meaningfully shifted the country toward it, first as a candidate in 2020 and then as president. He moved the Democratic Party away from decades of support for trade liberalization and imposed tariffs on China. He pursued an industrial policy to build up sectors important to national security (like semiconductors) or future prosperity (like clean energy). And his administration was more aggressive about restraining corporate power than any in decades, blocking mergers, cracking down on “junk fees” and regulating drug prices.
When Biden delivers his farewell address from the Oval Office tonight, he will emphasize these issues.
