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Here are four things to be hopeful about today: First, we now have  weapons against the coronavirus. The US has two approved vaccines. England, China and Russia have developed their own. Additional vaccines are under development and will likely be available later this year. These will be game-changers if we manage to deploy them widely and quickly. Which, I admit, is a big “if.” The initial rollout has been slow almost everywhere but Israel and, surprisingly, West Virginia. West Virginia was the one state that did  not use the federal nursing home rollout plan. They ran their ow...

But what if we had three hands? Larry Niven and Jerry Pournelle's 1974 book, "The Mote in God’s Eye," features an alien species with three arms. It has two “normal” hands and a stronger, but less dexterous one called the “gripping hand.” The gripping hand was their most powerful alternative. This book comes to mind when I think about what's in store for 2021: • On one hand, we have some extraordinarily good reasons for optimism. • On the other hand are several potentially severe problems. • On the far stronger gripping hand, the coronavirus could continue to over...

But Biden’s wish list has one unexpected item: a $15 federal minimum wage. Labor advocates have been asking for this for years, and it’s no surprise a Democratic administration would try now. After all, the coronavirus has spread partly because so many low-wage workers have had to keep working in high-contact environments. Raising the minimum wage won’t immediately fix that problem, so Congress might reject that part. However, so far there hasn’t been much objection. Republicans seem more determined to stop the state and local aid. So, a $15 national minimum wage might actually ...

Together, these jolted the economy back to life. The jolt wasn’t permanent, however. The economic patient is now wavering again. This time, despite pleas from Fed Chairman Jerome Powell that  monetary policy has reached its limits, the fiscal part of the cure is not forthcoming. Ah, but “limits” don’t really apply to central bankers. Not the central bank of the world’s largest economy and issuer of the global reserve currency. The Fed has constraints—some practical, some legal—but is highly creative in overcoming both. Powell repeated this quite clearly just last month. ...