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Biden Can Go Bigger and Not ‘Pay for It’ the Old Way By focusing on how much revenue they hope to raise from tax increases on the well-off, Democrats risk limiting the scope of their ambitions. By Stephanie Kelton Dr. Kelton, a professor of economics and public policy at Stony Brook University, is the author of “The Deficit Myth.” April 7, 2021, 9:50 a.m. ET Credit.Matt Chase Last week, President Biden introduced a $2.2 trillion infrastructure plan, calling it “a once-in-a-generation investment in America.” In a speech, he outlined many of the package’s details, including how to “pay for” it. A close look at those so-called pay-fors, however, shows Democrats are thinking about fiscal responsibility the wrong way. They could be on the verge of sparking some unpleasant short-term overheating of the economy, in which price increases accelerate and the purchasing power of our dollars falls somewhat. And if the final legislation were to g

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