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© Getty Images Spring is here and the economy is blossoming, says Randall Forsyth in Barron’s. Mass vaccination and “trillions of dollars of fiscal and monetary Miracle-Gro” have nourished the economy’s green shoots. US GDP is expanding at a 6% annual rate; jobs growth has surpassed expectations. Retail sales rose by 9.8% month-on-month in March as Americans spent their stimulus cheques.   Signs of a global recovery are especially clear in manufacturing, says Jim O’Neill in Project Syndicate. The US manufacturing purchasing managers index (PMI) has recorded its highest reading si...

Stock investors don’t like tax increases, but they tend to get over it. Tax hikes on maximum capital gains—like the increase the Biden administration will reportedly propose—have knocked the air out of the US equity market about half of the time, according to Tax Foundation data going back to 1945. Even when the S&P fell during the year of the tax increase on investment gains, stocks almost always went on to rally in the subsequent years and recoup the losses. Are tax hikes on capital gains bad for the stock market? The stock market stumbled yesterday, with the S&P falling the most in m...

When the Money Gusher Ends We can all agree it’s a good thing the pandemic’s crushing blow to the economy didn’t close all the businesses and put everybody in bread lines. But there’s no such thing as a free recovery, say people who don’t want us to have any fun. For example, the Fed’s money printer going brrr all the time has kept countless companies from going bankrupt, writes Lisa Abramowicz. The downside is this has also kept alive countless companies that might be better off no longer existing. These living-dead businesses, along with the heaps of debt all companies have bee...

John Authers and Mohamed El-Erian on What Comes After Reflation Apr 21 2021, 2:06 AM April 21 2021, 12:46 AM April 21 2021, 2:06 AM (Bloomberg) -- Here’s a complete transcript of the live blog event “What Comes After Reflation: Q&A With El-Erian & Authers.” The blog entries are in the order they were originally posted. (Bloomberg) -- Here’s a complete transcript of the live blog event “What Comes After Reflation: Q&A With El-Erian & Authers.” The blog entries are in the order they were originally posted. 04/20 02:39 ET Welcome to our TOPLive Q&A on reflation, how...

This is Bloomberg Opinion Today, a variant of Bloomberg Opinion’s opinions. Sign up here.Today’s Agenda Vaccines fight variants, but they’