“I’d like everything on the menu please” – President Biden’s $4.7 trillion Spending Proposal Let the politics begin. President Joe Biden has laid out an ambitious tax and spending plan incorporating most of the ideas from his 2020 campaign. It focuses on two main areas: an industrial policy geared to building a ‘green’ infrastructure and a clear change in social priorities. We stress ‘laid out’ because we believe this represents a ‘wish list’ of the things this administration would like to do. What actually gets passed by Congress will not be known for months. The Biden administration’s plan is bold, with echoes of President Lyndon Johnson’s ‘Great Society’ changes from 1964-1968. The question for investors is just how much of Biden’s proposal has the political support to pass, and how might it impact markets.