Biden’s $4 Trillion Industrial Policy Faces Bigger Hurdles Than Politics
“President Biden and his economic team are about to test whether Americans can accept a more interventionist role for government in the economy. Now that his $1.9 trillion Covid rescue plan has cleared Congress, Biden is gearing up to roll out a “Build Back Better” plan that envisions spending at least $4 trillion over 10 years on infrastructure and strategic industries such as semiconductors, renewable energy, and electric vehicles. He promises that government action will not just generate millions of jobs and help the U.S. compete with China but also reduce inequality and help battle climate change.”
ECB Confronts Rising Yields, Delayed Recovery: Decision Guide
“European Central Bank officials are about to decide whether rising bond yields are such a threat to the region’s virus-stricken economy that they need to come up with a stronger response. The policy announcement at 1:45 p.m. Frankfurt time on Thursday, and President Christine Lagarde’s press conference, should reveal which of two arguments has prevailed. Either higher borrowing costs are an unwarranted tightening of financial conditions, or they simply reflect optimism about the ultimate recovery from the pandemic.”
China Targets Stable Growth With Focus on New Jobs, Li Says
“China is prioritizing stable economic growth and the creation of new jobs as its main goals for 2021, with the nation needing sustainable expansion, not large fluctuations, Premier Li Keqiang said. “We would certainly be happy to see robust growth, but we are also keenly aware of the large uncertainty around the economic rebound in China as well as global economic growth and development,” Li told reporters in Beijing Thursday at the conclusion of the annual National People’s Congress. The growth goal of more than 6% “is not a low target,” he said.”
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