Fixing the Supply Chain Will Help Beat Inflation
“Inflation worries have flared as Congress pushes forward with a $1.9 trillion fiscal relief package amid rising commodity prices and long-term interest rates. But if the old adage is that inflation is “too much money chasing too few goods,” people should be more focused on the latter part of that statement. To the extent inflation is a concern right now, what’s needed is more production of the goods in the economy that are in short supply right now, not cutting off the flow of funds that supports that production.”
Europe’s Recovery Choices Will Leave It a Year Behind the U.S.
“While the U.S. rushes toward a blockbuster fiscal stimulus package to accelerate its recovery from the coronavirus crisis, much of Europe is pootling along in the slow lane. President Joe Biden’s $1.9 trillion stimulus bill, if congressional leaders pass the full amount, would take his administration’s spending in 2021 to more than three times as much as euro-area countries have planned, according to UniCredit SpA.”
Xi Jinping Puts Personal Stamp on China’s Fight Against Poverty
“President Xi Jinping led a ceremony highlighting Beijing’s efforts to end extreme poverty, the Chinese leader’s latest push to use the historic achievement to consolidate power before his second term ends. Xi said in a speech Thursday that some 10 million people have been lifted out of poverty annually during his eight years in power, at a cost of almost 1.6 trillion yuan ($248 billion). The event at the Great Hall of the People in Beijing, including an awards ceremony for key participants in the campaign, was televised live to the nation of 1.4 billion people by state media.”
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