Biden's 'trickle-down' bogeyman

President Joe Biden is framing his new, vaguely defined “Bidenomics” as an alternative to what is widely referred to on the Left as “trickle-down” economics. CNN has gone right along with this, writing that Bidenomics “rejects the idea of ‘trickle-down’ policies in favor of focusing on the middle class,” and the Financial Times describes it as an “antidote to failed trickle-down policies.”

But they are arguing against a theory that, among their opponents, does not actually exist.

Biden explained “trickle-down” economics in the following way: “The idea was — it’s the belief that we should cut taxes for the...