Economy

The New Economy Saturday: Maybe China Won’t Beat the U.S. After All

Welcome to New Economy Saturday, formerly Turning Points. As you may have noticed, you are now also receiving a daily newsletter with a briefing on the most important economic issues and ideas from Bloomberg’s global newsroom. We hope you enjoy it.

U.S. President Joe Biden must have pretty good insight into the mind of his Chinese counterpart, President Xi Jinping, having spent more time with him over the years than any other world leader.

“He and others–autocrats–think that democracy can’t compete in the 21st century with autocracies, because it takes too long to get consensus,” Biden told

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Kentucky AG Cameron praises derby’s ‘much-needed boost’ to local economy

Kentucky Attorney General Daniel Cameron has welcomed the return of the Kentucky Derby, which he says will provide a “much-needed boost” to a lagging local economy after the devastation of the coronavirus pandemic.

The Kentucky Derby is a hallmark event for Louisville, usually bringing in an estimated $400 million to local businesses in the form of tourism. Business owners missed out on that revenue last year as the event occurred without fans due to safety concerns in the early days of the pandemic.  

KENTUCKY DERBY FAVORITE OVERSHADOWED BY SHEIKH’S CONTROVERSY

“The Kentucky Derby is one of the Commonwealth’s signature

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A Third of a Start-Up’s Workers Quit After a Ban on Talking Politics at Work: Live Updates

Credit…Nicholas Hunt/Getty Images

About a third of Basecamp’s employees have said they are resigning after the company, which makes productivity software, announced new policies banning workplace conversations about politics.

Jason Fried, Basecamp’s chief executive, detailed the policies in a blog post on Monday, calling “societal and political discussions” on company messaging tools “a major distraction.” He wrote that the company would also ban committees, cut benefits

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U.S. manufacturing, new homes sales underscore booming economy

Matt Dillion and Chad Damron weld an upper deck assembly at Look Trailers cargo trailer manufacturing facility in Middlebury, Indiana, U.S., April 1, 2021. REUTERS/Eileen T. Meslar

U.S. factory activity powered ahead in early April, though manufacturers increasingly struggled to source raw materials and other inputs as a reopening economy leads to a boom in domestic demand, which could slow momentum in the months ahead.

The flow of strong economic data continued with another report on Friday showing new home sales racing to a more than 14-1/2-year high in March. The economy is being boosted by the White House’s massive

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Biden plan to double capital-gains taxes will hurt economy to fuel giveaways to Dem special interests

President Joe Biden has already vowed to slam the recovering US economy by hiking taxes on higher earners and raising corporate tax rates. Now comes news he wants to double the capital-gains tax rate —  to drop yet more cash on Democratic special interests and fund a huge expansion of government.

This, on top of the trillions in outlays he’s already proposed.

Next week, Biden will officially release plans to tax capital gains as ordinary income for those making over $1 million. He also wants to raise the top tax rate from 37 percent to 39.6 percent, so that’s basically

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China private jet use soars as economy hits pre-pandemic levels

Companies and wealthy individuals in China have sharply increased their use of private jets this year, with total flights almost doubling compared to pre-pandemic levels as the country’s economic recovery prompts a shift in business travel.

Domestic use of jets either hired privately or flown exclusively for their owners are up 87 per cent this year compared to the same period two years earlier, according to data from WingX Advance GmbH, a data company.

The rise comes alongside China’s economic recovery from the coronavirus pandemic. Although the global pandemic began in China in late 2019, the ruling Communist Party managed

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U.S. economy to have its own form of the ‘roaring twenties’: Morgan Stanley

Kathy Entwistle, Managing Director at Morgan Stanley, joins Yahoo Finance’s Alexis Christoforous to discuss outlook on the economy and the future of sustainable investing.

Video Transcript

ALEXIS CHRISTOFOROUS: I want to get back to the broader market now. We saw that all three major stock indexes bouncing back nicely from the sell-off we saw yesterday. I want to bring in Kathy Entwistle now, managing director at Morgan Stanley. So Kathy, if you look at the economic data out just this morning, US private sector output growth hitting a fresh series high. You’ve got March single home sales up 20%. Is

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How Biden’s ‘Middle Out’ Theory Works to Boost Economic Growth

  • Paul Constant is a writer at Civic Ventures and cohost of the “Pitchfork Economics” podcast with Nick Hanauer and David Goldstein.
  • In this week’s column, Constant explains how President Biden has embraced the middle-out theory of economic growth.
  • The plan’s premise: Economic growth is stronger when the middle class is more stable and prosperous.
  • See more stories on Insider’s business page.

At the end of his time in office, Barack Obama famously compared the presidency to an ocean liner. “Sometimes the task of government is to make incremental improvements or try to steer the ocean liner two

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Behold the U.S. Economy’s Recovery as Fed Stays Course: Eco Week

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News of the U.S. economy’s accelerating pace of recovery may prove a highlight this coming week, with data likely to show output approaching its pre-pandemic level just as the Federal Reserve delivers its third policy decision of the year.

Gross domestic product probably increased at a 6.9% annualized pace from January through March after a more moderate 4.3% rate in the previous quarter. Other reports may show stronger orders for durable goods, a pickup in

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The West Looks Past Covid-19 and Sees Economic Resurgence

After the worst year for the global economy since the Great Depression, the West looks set for a vigorous rebound as mass vaccination against Covid-19 propels a return to more or less normal life.

The revival, though, will come in stages, as the timing and speed of recoveries in North America and Europe will depend largely on the pace and reach of vaccination, economists say. Economies in North America and Europe are expected to fire up as shops, restaurants and hotels throng with newly inoculated consumers armed with savings they amassed during the long pandemic. Moody’s Analytics estimates

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