A $1.9 trillion coronavirus relief bill with vaccines and testing as an afterthought. A $2.3 trillion “infrastructure” proposal that prioritizes climate activism and corporate welfare over roads and bridges. President Joe Biden is confirming the worst fears of those who didn’t vote for him and no few who did: He’s all-in on the economics of profligacy. The economic theories behind these reckless policies, unvetted by the scientific community, have captured Washington without a fight.

Bidenomics is Keynesianism on steroids. But we must distinguish Keynesianism from the economics of Keynes himself. The godfather of modern macroeconomics was no spendthrift. Sure enough, he believed the government must spend to meet aggregate demand shortfalls or else the economy would languish in recession. But Keynes was adamant that in times of full employment, the government should scale back. The ideal was balanced budgets over the course of the business cycle.