US President Joe Biden and his team are traveling the country spouting the success of his economic policies. The package is called “Bidenomics.”  It’s best understood as a contrast (which I’ll get to shortly) to traditional GOP economic policy recommendations. The latter argues for lower taxes, less government regulation, and minimizing social welfare spending. The fear underlying GOP dismissal of Bidenomics is that we will become a “socialist” nation. Think of Scandinavian nations with high taxes and high social spending. (The fact that these nations do not engage in socialism – a system where the government owns the means of production, distribution, and exchange – is beside the point. But discussing that would be a digression here.) The GOP policy prescription is based on core assumptions such as: The private sector can spend money more efficiently than the government. Low taxes on corporations…