Joe Biden’s presidency should have begun as a success story. Biden inherited a good economic situation, benefited from Operation Warp Speed’s quick development of a vaccine, and got to see his predecessor make a disgrace of himself with his election-rigging conspiracy theories.

Yet instead of heading into the Roaring Twenties, liberating locked-up denizens to endless dinner parties and dances, we’re seemingly regressing into 1978. With Jerome Powell promising to keep interest rates around that historically safe level of near-zero, Biden is pumping trillions of dollars into the economy to bail out blue states already benefiting from Donald Trump’s own fast and loose hand, teachers unions happy to hold tens of millions of children hostage, and (former) workers who realize Uncle Sam and Wall Street have greater profit margins than Main Street.