Mr. Biden finds a party similarly divided, as the recent brutal conference call between Speaker Pelosi and her caucus amply demonstrated, albeit with more energy in its liberal wing than Mr. Carter enjoyed and thus perhaps a consensus might be forged. However, going in, it appears that Mr. Biden may inherit a divided party that controls Congress in name but not in fact, and that he will have no mandate to move it in any given policy direction.Of course, things could change. After the 20 years of tumult that were the 1960s and 70s, the nation was exhausted. Thus the relative calm of the 80s and 90s to follow. Mr. Biden may get a similar break. Of course, given the vague brew of his policies, what impact he will have on the economy can only be guessed at - and bad economic times can foster a bad social mood.So the doors may swing either way. However, at least going in to a Biden presidency, say what one will, it would be best to go into it with lowered expectations. Utopia is not apt to be around the corner.
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