There was a moment this summer when Joe Biden’s promise to deliver an “FDR-size” presidency was almost credible. Desperate to shore up his support from dejected Bernie voters and galvanized by Covid-19 and the cratering economy, Biden seemed to embrace, if somewhat sheepishly, a more transformative agenda. His platform featured huge expansions of the welfare state, an ambitious climate plan, legislation to fuel unionization, and a major public sector role for job creation. If you had squinted—

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