What’s in Store for Biden’s Economic Team
“President-elect Joe Biden on Tuesday announced the team that will take on one of the key early challenges of his presidency: keeping the U.S. economy’s recovery from the coronavirus on track. Biden’s economic officials, who mostly have crisis experience from the Obama administration, will be charged with delivering more fiscal stimulus to support an economy that risks running out of steam after a rapid initial rebound from the virus slump.”
U.K.’s Hot Housing Market Highlights Covid’s Two-Speed Economy
“Few places expose the uneven economic impact of the U.K.’s Covid crisis more clearly than the property market. House prices have surged to new records and mortgage approvals are at the highest level since before the financial crisis as the affluent take advantage of rock-bottom interest rates and a transaction-tax cut to seek more space or leave urban areas. At the same time, millions struggle, with the pain of job losses falling hardest on the young and the low-paid.”
Who really won the Cold War? Maybe China.
“In 1972, Cold War logic pushed President Richard Nixon into an unlikely alliance with Mao Zedong—bringing China back into the mainstream of the world economy. In 1991, the collapse of the Soviet Union encouraged “end of history” hubris that blinded the West to the consequences of China’s rise. Fast forward to 2020 and China has emerged as a major global power, its single-party rule and state-dominated economy the cause of alarm in foreign capitals—and pride in Beijing. By 2035, Bloomberg Economics forecasts, China will have overtaken the U.S. to become the world’s biggest economy and perhaps also its most powerful political actor.”
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