So Kyrsten Sinema didn’t back out (although of course she threatened to), no other Democratic senator got Covid, and the Inflation Reduction Act passed the Senate Sunday afternoon. Passage is assured, we think, in the House, so it should soon become law.The bill is only a portion of what should have been, true. But here’s the big picture on why even this whittled down bill is, as Joe Biden once said of another historic but compromised piece of legislation, “a big fuckin’ deal.” In a nutshell: It begins to turn 40 years of bad economic conventional wisdom on its head by asserting that the government has a role in structuring markets, promoting growth, and guiding industrial policy. Let’s go b
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