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If there’s one thing the readers of this newsletter definitely haven’t read yet today, it’s a reaction to last night’s State of the Union address.

Like many, we were hoping to see President Joe Biden adopt a new overall message to the American people as his poll numbers have sagged and Democrats brace for a rough midterm election in just eight short months. We’ve been making our pitch for the last few months about what that message should be: Biden ought to use his powers to crack down on corporate villains, and heavily publicize doing so. The ubiquity of already unpopular enemies and latent presidential powers gives Biden the chance to clarify to the public what exactly he stands for. Our Jeff Hauser and Max Moran laid out the case for this “Corporate Crackdown” message in Democracy Journal in January.

Inflation, it’s all anyone can seem to talk about. With prices rising at their fastest rate in more than three decades, the White House is understandably looking for ways to get things under control. Rhetorically, they’ve pointed their finger at corporate greed, highlighting the stark contradiction between companies’ claims that price hikes are unavoidable and their record profits (which, by definition, mean they can raise prices faster than their costs are rising). Action to follow that diagnosis, however, has been more muted. That is not because they don’t have options at their disposal.