Biden's economic strategy is based on a failed model

The Biden administration is rolling out what it calls the “New Washington Consensus” in an attempt to fuse its domestic and international economic policy agendas. White House national security adviser Jake Sullivan delivered the contours of Biden’s agenda in a speech last month at the Brookings Institution. This agenda has also been used to frame Biden’s latest economic report, published earlier this year, and it will surely be central to Biden’s reelection campaign .

The unsettling thing about this new plan is that Biden considers Washington the source of America’s economic success.

At its core,...