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America's recovery is on borrowed time due to the pandemic

Economic recovery will not be linear as the world continues to grapple with the uncertainty of the pandemic.

Why it matters: Despite being propped up by an extraordinary amount of fiscal stimulus and support from central banks, the state of the global economy remains fragile.


Warning signs about that fragility are flashing, as Dion Rabouin writes in his Axios Markets newsletter:

  • World Bank president warns of potential defaults by countries that are over-leveraged.
  • Goldman Sachs CEO warns of stock market being inflated and detached from reality.
  • Lowest bankruptcy filings since 1986, thanks to the government printing money to save the economy from another Great Depression.
  • Treasury yield rises above 1% overnight.
  • Consumer confidence increases due to government stimulus checks.

The bottom line: America’s economy is operating under the influence of performance-enhancing steroids thanks to unprecedented monetary intervention.

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Biden rips Trump over Woodward revelations: "A life-and-death betrayal of the American people"

Joe Biden responded Wednesday to reporting in Bob Woodward's new book that shows President Trump intentionally downplayed the threat of the coronavirus in February and March, accusing him of a "life-and-death betrayal of the American people."

Why it matters: It was one of Biden's harshest attacks yet on Trump's handling of the coronavirus pandemic, coming shortly after taped interviews with the president revealed him telling Woodward on March 19, "I wanted to always play it down. I still like playing it down, because I don't want to create a panic."

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The uncomfortable reality of American cyber espionage

American outrage over foreign cyber espionage, like Russia's SolarWinds hack, obscures the uncomfortable reality that the U.S. secretly does just the same thing to other countries.

Why it matters: Secrecy is often necessary in cyber spying to protect sources and methods, preserve strategic edges that may stem from purloined information, and prevent diplomatic incidents.

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Top Biden adviser Anita Dunn departs White House today

Anita Dunn, one of President Biden's closest advisers during the campaign and as he built his administration, will depart the White House after today but remain a top confidant.

Why it matters: Dunn is one of the small handful of aides in the Oval Office who preps Biden before any major appearance. She helped place women in senior roles throughout the West Wing.

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