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Robert Samuelson: The stock market and economy have parted ways. It’s a FOMO market now.
Posted: July 12, 2020 at 04:15 PM (Sunday)

It is impossible not to marvel at the apparently indestructible gap between the buoyant stock market and the less-than-buoyant real economy of workers, companies and jobs. One must say “apparently indestructible,” because maybe there is some simple and obvious explanation that eludes your correspondent. Otherwise, either the stock market is ...


Scott Gottlieb: Schools Can Open Safely This Fall
Posted: July 12, 2020 at 12:47 PM (Sunday)

Staggered schedules and other precautions would help reduce children’s low but real risk from Covid. Schools should open in the fall. It’s critical for meeting the educational and social needs of children. But local officials should have the discretion to take tailored actions to help keep children safe. One thing about Covid-19 is clear: We ...


Jeffrey Tucker: When Will the Madness End?
Posted: July 10, 2020 at 04:01 PM (Friday)

I was sitting in the green room in a Manhattan television studio on the day that the storm seemed to hit. It was Thursday, March 12, 2020, and I was waiting anxiously for a TV appearance, hoping that the trains wouldn’t shut down before I could leave the city. The trains never did shut but half of everything else did. On this day, everyone ...


Lanhee Chen: The US has a lot to learn from Taiwan's Covid fight
Posted: July 10, 2020 at 02:43 PM (Friday)

Public health professionals around the world have lauded Taiwan's response to the coronavirus pandemic. Along with nearby countries such as South Korea and Singapore, Taiwan has employed policy responses to Covid-19 that are worthy of emulation around the world. Taiwan, in particular, effectively contained Covid-19 by springing to action ...


Barton Swaim: Will Democrats Accept Another Trump Victory?
Posted: July 10, 2020 at 02:29 PM (Friday)

Every time they’ve lost since 1968, they’ve called it illegitimate—except for the 49-state landslides. Joe Biden, asked recently if he had considered the possibility that President Trump may refuse to concede defeat in the election, answered that he had. But he was “absolutely convinced,” the former vice president said reassuringly, that if such ...


Nathan Lewis: "Modern Monetary Theory" Goes Mainstream
Posted: July 10, 2020 at 11:06 AM (Friday)

There’s nothing new about “modern monetary theory.” And, actually, a lot of it is true. You can print all the money you like — that is, increase the supply — as long as there is a corresponding increase in demand, and the result will be a currency of stable value. Between 1775 and 1900, the dollar base money supply of the United States ...


Joseph Sullivan: China's Intellectual-Property Theft: Counting the Costs to U.S.
Posted: July 10, 2020 at 06:30 AM (Friday)

Imagine if pirates were sailing up and down America’s coasts, plundering treasure worth between 0.9 percent and 2.6 percent of U.S. GDP every year. Amid the partisan rancor of today’s politics, any new consensus is notable. And if any new bipartisan consensus has recently emerged, it may be this: The existing terms of the economic ...


Ken Fisher: To Gain An Investing Edge Analyze the Data Devotees, Not the Data
Posted: July 10, 2020 at 12:05 AM (Friday)

How can you gain an investing edge? That timeless question has confounded investors almost forever. Many fixate on data, thinking quick data access mines magical statistical relationships. “Quantitative” fund managers run vast sums on this premise. It isn’t just them: Belief in data’s dominance abounds. This ...


Stephen Moore: Will the Left kill America's energy dominance?
Posted: July 9, 2020 at 11:00 PM (Thursday)

If the "liberal" green movement had the political power during earlier periods of our nation's history that it has now, we would not have built the railroads. Also, there would be no interstate highway system, and our electric grid system that powers our country would be disconnected and shattered. What else can one conclude when a ...


Mike Gonzalez: We Might Get Fooled Again
Posted: July 9, 2020 at 07:16 PM (Thursday)

The policy mistakes of the 1960s and ’70s laid the foundation for the identity politics of today. Faced with general unrest in the streets, will America’s political, corporate and media leaders panic? Will they acquiesce to bad policies that the nation will regret for decades? You can count on it, because that’s what happened the last time ...


Robert Hughes: Total Unemployment and Weekly New Unemployment Insurance Claims Are Falling
Posted: July 9, 2020 at 01:58 PM (Thursday)

The policy-induced recession that began in February may already have ended but the devastating impact of government shutdown policies are likely to linger for many quarters. There are growing signs that the path towards reopening of the economy is setting the stage for growth, but significant risks remain. For the labor market, initial ...


Kenneth Griffin: Listing on U.S. Exchanges Is a Privilege
Posted: July 9, 2020 at 12:30 PM (Thursday)

Meeting accounting standards set by U.S. regulators is a small price for foreign companies to pay to reap the benefits of American markets. Over the past century of global economic integration, the U.S. has emerged as the world’s financial capital: home to the largest investment banks, asset managers and exchanges. This leadership position ...


Jed Graham: Unemployment Claims Dip, But Recovery Is Losing Steam Amid Coronavirus Surge
Posted: July 9, 2020 at 10:43 AM (Thursday)

Another 1.314 million Americans filed new claims for unemployment benefits last week, down 99,000 from the prior week, but still stubbornly high. The number of people continuing to claim regular unemployment benefits in the week of June 27 fell 698,000 to 18.062 million. After the unemployment data, the stock market turned mixed, with the ...


Karl Smith: Don’t Shame Businesses for Taking Government Money
Posted: July 9, 2020 at 08:30 AM (Thursday)

Why criticism of the Payroll Protection Program misses the mark. The Paycheck Protection Program, passed into law last spring and transformed into a government program in matter of days, has been under fire almost since its inception. Critics first charged that it was too slow, too complex and failed to get funds to the small businesses ...


Veronique de Rugy: Has the U.S. Government Finally Spent Too Much?
Posted: July 9, 2020 at 06:00 AM (Thursday)

When COVID-19 arrived in America, Uncle Sam was already deep in debt. The federal government was poised to have a permanent annual budget deficit of at least $1 trillion. Debt was already sky high thanks to demographic trends and a few entitlement programs that experts had warned us about for decades. But after the most recent three months ...


Dani Rodrik: China as Economic Bogeyman
Posted: July 9, 2020 at 04:44 AM (Thursday)

CAMBRIDGE – Many Western economists presume that governments are not very good at identifying industries that merit support, and that domestic consumers and taxpayers incur the bulk of the costs. By the same logic, if Chinese policymakers effectively targeted activities where social benefits exceed private benefits, then it is not clear ...


Marc Siegel: Can hydroxychloroquine help COVID patients early on? We need more science and less politics.
Posted: July 9, 2020 at 04:00 AM (Thursday)

COVID drug Trump championed had promise, but politics hobbled science. When Trump championed the drug this spring, it became a third rail political issue. Though it showed promise for early stage COVID, research faded. My father, who is 96 years old, felt suddenly fatigued back in March with some shortness of breath and fever. He laid down on ...


Betsy McCaughey: How COVID-19 is transmitted completely upended — here’s what we need to reopen
Posted: July 8, 2020 at 08:03 PM (Wednesday)

If you’re working in an office or eating in a restaurant, and someone 30 feet away exhales tiny particles of the coronavirus, those particles can drift and infect you. Picture cigarette smoke wafting across a room. Same thing. The precautions global and federal agencies are advising aren’t good enough. ­Social distancing — keeping six feet away ...


Norbert Michel: Consumers Win As Consumer Financial Protection Bureau Finalizes Payday Loan Rule
Posted: July 8, 2020 at 05:18 PM (Wednesday)

On Tuesday, the Consumer Financial Protection Bureau officially rescinded the most harmful provisions of its 2017 payday lending rule.Good riddance. Thankfully, Bureau Director Kathy Kraninger stood up to the onslaught from so-called consumer activists trying to keep the old rule in place. In the official announcement, Kraninger (correctly) ...


Phil Gramm and Mike Solon: Voters’ Choice: Growth or Stagnation
Posted: July 8, 2020 at 01:10 PM (Wednesday)

Before the shutdown, the economy was booming. Credit Trump’s policies, not Obama and Biden’s. The year began with a recovery that belied every negative cliché about the Trump tax cuts and regulatory reform. Tax cuts demagogued as giveaways to the rich were creating higher wages and bonuses for workers and producing the lowest unemployment rates ...


Greg Ip: As Chinese Trade Surpluses Persist, So Will Risk of Trade Wars
Posted: July 8, 2020 at 11:58 AM (Wednesday)

By suppressing consumption, China imposes a production glut on the world, to the detriment of its own workers and trading partners. President Trump’s trade war with China is meeting at least one of his goals. The U.S. trade deficit with China in the past 12 months has dropped to its lowest since 2012. Unfortunately, that narrowing has come ...


Steve Forbes, Arthur B. Laffer and Larry Van Horn: Next COVID relief package should require health price transparency. Everyone would benefit.
Posted: July 8, 2020 at 10:57 AM (Wednesday)

By requiring hospitals to post real prices and insurers to disclose reimbursement rates, Congress can help patients and stimulate the economy. When Art Laffer's son returned home from Barcelona in March with COVID-19 symptoms, he went to a Nashville hospital to get tested. He never saw a doctor. He never got a coronavirus test. He saw four ...


Veronique de Rugy: The Most Predictable Story of This Pandemic
Posted: July 8, 2020 at 10:27 AM (Wednesday)

I give you the CARES Act news headline equivalent of “dog bites man” or “water still wet”: “Small Business Loans Helped the Well-Heeled and Connected, Too.” Seriously, is there anyone who has studied government programs, any government programs, for at least five minutes that is surprised by this news? It reminds me of its cousin headline: ...


Jeanna Smialek: Federal Reserve’s Main Street Lending Program Attracts Few Big Banks
Posted: July 8, 2020 at 10:23 AM (Wednesday)

The Fed’s program is aimed at providing credit to midsize companies, but many big lenders have not agreed to make loans to new customers. The Federal Reserve Bank of Boston on Wednesday released a list of lenders that have signed up for the central bank’s midsize business lending program and are willing to make loans to new customers through ...


Tim Duy: The Fed Will Soon Embrace Yield-Curve Control
Posted: July 8, 2020 at 08:30 AM (Wednesday)

The central bank may have its doubts now about the strategy, but a worsening economy will force its hand. The Federal Reserve might not be ready to explicitly target yields on U.S. Treasury securities to keep them from rising and hindering the economic recovery, but that doesn’t mean it won’t happen. If you believe the Fed will be under ...


Roger Altman: How Washington can help the smallest businesses during the pandemic
Posted: July 8, 2020 at 08:09 AM (Wednesday)

The new surge in covid-19 cases represents a severe blow to micro businesses all around the country — those with 20 employees or fewer. Two months ago, nearly half of these had closed and laid off their employees. Now, as many of these business struggle to reopen, they face the new hurdle of states pulling back on plans to ease ...


Steve Forbes: New Developments Show US Ready to Compete with China on 5G
Posted: July 8, 2020 at 08:00 AM (Wednesday)

Even before the COVD-19 pandemic forced us to live much of our lives “online,” the emergence of 5G technology was shaping up as one of the most critical waves of innovation that we have seen in our lifetimes. With all the excitement about the potential for 5G was the worry that America would lose the race for global 5G leadership to ...


Michael Strain: School-Closing Costs Are Crushing Children and Parents
Posted: July 8, 2020 at 07:00 AM (Wednesday)

Future earning power has already been slashed, with dire economic consequences that only reopening can relieve. There are lots of compelling reasons for schools to reopen in the fall. Children need the educational, social and psychological benefits that a normal, five-day school week provides. Working parents need relief. Teachers and ...


Minxin Pei: The Political Logic of China’s Strategic Mistakes
Posted: July 8, 2020 at 04:40 AM (Wednesday)

CLAREMONT, CALIFORNIA – For the first time since the end of the Cultural Revolution, the Communist Party of China faces a genuine existential threat, mainly because its mindset has led it to commit a series of calamitous strategic errors. And its latest intervention in Hong Kong suggests that it has no intention of changing course. Some of ...


Baher Iskander: Princeton Sets a Bad Example
Posted: July 7, 2020 at 07:05 PM (Tuesday)

I personally benefited from his ideals. It’s reductive to judge him solely as a racist. I will matriculate this fall at Princeton’s School of Public and International Affairs. I’m disappointed by the university’s decision to cast Woodrow Wilson as a racist and remove his name from the school. I am a direct beneficiary of Wilson’s foreign ...


Jim O'Neill: A V-Shaped Recovery Could Still Happen
Posted: July 7, 2020 at 10:24 AM (Tuesday)

LONDON – Given the sheer scale and unprecedented nature of the COVID-19 economic shock, it is not surprising that most commentators believe the outlook for recovery is bleak. But key weekly and monthly indicators suggest that a sharp return to growth remains more likely than not. Since March, I have been more open than other commentators to ...


Conor Sen: U.S. Can’t Wait Half a Decade for a Jobs Recovery
Posted: July 7, 2020 at 08:30 AM (Tuesday)

The Great Recession showed that more stimulus is better than too little. With Congress set to tackle the next phase of economic relief this month, Thursday's jobs report provided more evidence of how much permanent damage is being done to the labor market by the coronavirus pandemic. The number of workers being permanently laid off ...


Robert Shiller: Understanding the Pandemic Stock Market
Posted: July 7, 2020 at 08:21 AM (Tuesday)

NEW HAVEN – The worse economic fundamentals and forecasts become, the more mysterious stock-market outcomes in the US appear. At a time when genuine news suggests that equity prices should be tanking, not hitting record highs, explanations based on crowd psychology, the virality of ideas, and the dynamics of narrative epidemics can shed ...


Mickey Levy: America's Money Supply Has Ballooned. What Should We Expect Next?
Posted: July 7, 2020 at 08:20 AM (Tuesday)

The Federal Reserve is aggressively easing monetary policy, but the story behind the recent surge in money stock is much more complex (and interesting) than simply attributing it to the expansive policies of the Federal Reserve. It will stimulate stronger economic growth, but using historic (and dated) rules of thumb to predict high inflation ...


Sheila Bair and Thomas Hoenig: Banks’ Risks During the Pandemic Aren’t Clear
Posted: July 7, 2020 at 06:00 AM (Tuesday)

The Fed’s stress tests didn’t publish the results needed most to understand the financial sector’s ability to endure coronavirus. Transparency and public trust are essential to effective bank regulation. These guiding principles were severely compromised in the years leading up to the 2008 financial crisis. Instead of simple, ...


Jared Bernstein: The built-in biases in economics that feed systemic racism
Posted: July 7, 2020 at 06:00 AM (Tuesday)

When people criticize the field of economics for its failures around issues of race, the most common critique is the extent to which whites dominate the profession. It’s an important point and surely one reason why economics has done far too little to address racial gaps. But there is also a foundational flaw in the basic structure of ...


Gerard Baker: Defend America’s History—and Retake Its Institutions
Posted: July 6, 2020 at 01:05 PM (Monday)

The country hasn’t passed from great to evil in 20 years. But elites have failed and betrayed us. That was quick. At the end of the 20th century, the U.S. had won World War II and the Cold War, liberated half the planet from history’s most dehumanizing ideologies, advanced a free-market capitalism that had led more humans out of poverty than ...


Allison Schrager: The Jobs Imperative
Posted: July 6, 2020 at 11:49 AM (Monday)

There Is No Public Health Without a Functioning Economy. While managing the virus, America must open its economy and get people back to work. The coronavirus shutdown was one of the biggest economic experiments in American history. Economists and public-health scholars will study it for generations. History is still unfolding, but it is ...


Kenneth Rogoff: Will Universities Learn from Lockdowns?
Posted: July 6, 2020 at 09:15 AM (Monday)

CAMBRIDGE – The COVID-19 crisis is likely to bring about further rapid and far-reaching shifts in the economic ground beneath us. But we need not view these changes with dread if the pandemic also propels a transition to better and more universal higher education. Will COVID-19 finally trigger a long-overdue technological disruption of ...


Sally Pipes: Democrats Remain Jealous Of Britain's Healthcare Catastrophe
Posted: July 6, 2020 at 08:00 AM (Monday)

If there was ever any doubt about the dangers of single-payer health care, the United Kingdom's experience with COVID-19 should settle the matter. Weeks after the pandemic's peak, the nation's government-run health system, the National Health Service, is still subjecting patients to life-threatening treatment delays. By the NHS's own ...


Peter Morici: How universities will reinvent themselves for the better
Posted: July 6, 2020 at 06:00 AM (Monday)

COVID-19 will force colleges to offer quality instruction on line, which will drive prices lower. Faculty at my university recently received a call for proposals to develop innovative online courses—especially large enrollment, introductory courses—for the fall semester. Similar initiatives across the country will prove as disruptive to ...


John Tamny: Dear David Brooks, There's No 'We.' Nor Is There 'Humiliation'
Posted: July 6, 2020 at 12:05 AM (Monday)

It’s too easily forgotten in what is the world’s most prosperous country, but dying of old age is a remarkable and very modern concept. It’s one that past generations couldn’t as easily fathom, and that people from past centuries didn’t much contemplate at all. Dying from old age? How? Among many other killers, tuberculosis, pneumonia, and ...


Mohamed El-Erian: Job Numbers Are a Good Sign But Not a Victory Flag
Posted: July 5, 2020 at 05:00 PM (Sunday)

The road to a durable economic recovery still has a lot of twists and turns left. Although the better-than-expected U.S. employment numbers that came out on Thursday give reason for optimism, it is far too early to declare victory over the threat of further economic damage. Yes, the jobs report and other data released last week illustrated ...


Peter Morici: Fed should plan for increased inflation now
Posted: July 5, 2020 at 02:32 PM (Sunday)

Congress and the Trump administration deserve kudos for quickly providing stimulus totaling $3.6 trillion. Conservatives may worry about skyrocketing interest payments on the national debt, but inflation will be the bigger problem. When the Treasury sells bonds, it may drive up interest rates but how much depends on investor appetite for ...


Luciana Borio and Scott Gottlieb: Antibodies Can Be the Bridge to a Vaccine
Posted: July 5, 2020 at 01:22 PM (Sunday)

Drugs that mimic an immune response are in development, but it’s time to ramp up manufacturing. America’s coronavirus epidemic has taken a turn for the worse, with many more states showing sharp increases in daily cases compared with two weeks ago. How long will it take for researchers to catch up and develop more effective therapies ...


Niall Ferguson: America and China Are Entering the Dark Forest
Posted: July 5, 2020 at 08:00 AM (Sunday)

To know what the Chinese are really up to, read the futuristic novels of Liu Cixin. “We are in the foothills of a Cold War.” Those were the words of Henry Kissinger when I interviewed him at the Bloomberg New Economy Forum in Beijing last November.  The observation in itself was not wholly startling. It had seemed obvious to me since early ...


Mark Mills: Green Energy Depends on Overseas Materials and Components
Posted: July 5, 2020 at 06:30 AM (Sunday)

The energy sources that environmentalists want us to depend on are themselves dependent on overseas materials and components. Children scrabbling with bare hands, never mind shovels, and carrying bags of rocks is not the image Elon Musk wants for his wildly successful green-car company. So, in early June, Tesla signed a deal with global ...


Stephen Moore: Liberalism bad for economy - and your wallet
Posted: July 5, 2020 at 06:07 AM (Sunday)

The most recent jobs report found that nine of the 10 states with unemployment rates above 14% are in liberal blue states. Ranked from highest to lowest, they are Nevada (25.3%), Hawaii (22.6%), Michigan (21.2%), California (16.3%), Rhode Island (16.3%), Massachusetts (16.3%), Delaware (15.8%), Illinois (15.2%), New Jersey (15.2%) and ...


Robert Woodson: Black Lives Matter's Silence on a Champion of Racial Equality
Posted: July 4, 2020 at 08:15 AM (Saturday)

One name that goes conspicuously unmentioned by those self-proclaimed champions of racial justice such as Black Lives Matters is an internationally acclaimed American hero who lived his life for racial equality. Martin Luther King Jr. gave his life for it, too. King’s quest for equality and his legacy are inconvenient for today’s ...


Robert Samuelson: Americans are historically unhappy. But there’s a lesson to learn here.
Posted: July 3, 2020 at 02:01 PM (Friday)

Given the circumstances, it would be astounding if Americans were not in a sour mood over the July 4 weekend. Public opinion polls show that on a long list of subjects Americans are angry, pessimistic, disillusioned and fed up. They fear for themselves, their children, the economy, the United States’ role in the world and for their own ...