THE BOTTOM LINE

The limits of American recovery

THE United States is home to 4 per cent of the world's population but 21 per cent of confirmed Covid-19 deaths; it accounts for 25 per cent of the Global North's population but 50 per cent of its excess mortalities (deaths from all causes above the usual rate) registered during the pandemic.

America's testing failure means it is still flying blind

US NATIONAL income and output in the first quarter of 2020 was 1.25 per cent below what it had been in the fourth quarter of 2019, but still 9.5 per cent above what it would be by the second quarter of this year. Now that US national income has plunged 12 per cent below what it was at the start...

Isn't a wealth tax common sense?

IWAS not surprised when leading Democratic primary contenders began endorsing a "wealth tax" along the lines of what has been proposed by my University of California, Berkeley, colleagues Gabriel Zucman and Emmanuel Saez. What has surprised me is the level of pushback these candidates have...

How trolls overran the public square

SINCE 1900, human technology and organisation have been evolving at a blistering pace. The degree of change that occurs in just one year would have taken 50 years or more before 1500. War and politics used to be the meat of human history, with advances in technology and organisation unfolding...

THE BOTTOM LINE

Stop inflating the inflation threat

IN LIGHT of current macroeconomic conditions in the United States, I've found myself thinking back to September 2014. That month, the US unemployment rate dropped below 6 per cent, and a broad range of commentators assured us that inflation would soon be on the rise, as predicted by the Phillips...