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Illustration: Aïda Amer/Axios

Tuesday's stock market record proves the definitive triumph of capital over labor in the era of COVID-19.

Why it matters: The recession has caused the size of the American economic pie to shrink substantially. But the share of that pie going to capital rather than labor has continued to rise.

Driving the news: The S&P 500 closed at a record high of 3,390 on Tuesday, a gain of 55% from its March low point in the space of just 105 trading sessions.

The big picture: It's easy to view the stock-market rally as happening despite the fact that more than 28 million Americans are claiming unemployment benefits. But perhaps the stock market is soaring in large part because of the continued unemployment crisis.

How it works: Historically, about two thirds of economic output went to workers in exchange for their labor, with the other third being retained by owners. But since 2000, that ratio has been plunging.

  • Now that America's workforce has been decimated by the COVID-19 pandemic, the share of national income being kept by workers could hit a new record low.

The bottom line: It's unclear how or whether workers will be able to regroup and reclaim more of the fruits of their labor. So long as capital retains the upper hand, an increasing share of corporate revenues will show up as profits. Which is good news for anybody owning stocks.

Go deeper

Wall Street bets it all on a vaccine

Illustration: Eniola Odetunde/Axios

It's the time of year when Wall Street shops are rolling out predictions for where they see the stock market headed in the coming year. There's one common theme: Widespread distribution of a vaccine is the reason to be bullish.

Why it matters: Analysts say vaccines will help the economy heal, corporate profits rebound and stock market continue its upward trajectory.

Democrats release full text of Biden's $3.5T reconciliation package

House Speaker Nancy Pelosi. Photo: Alex Wong/Getty Images

House Speaker Nancy Pelosi (D-Calif.) on Friday unveiled the full text of President Biden's $3.5 trillion social spending package.

Why it matters: Democrats are racing to finish negotiations and get the bill on the floor as soon as possible so Pelosi can fulfill her promises to both House centrists and progressives about the timing and sequencing of passing the party's dual infrastructure packages.

Biden pushes massive economic plan despite "stalemate"

President Biden speaking from the White House on Sept. 24. Photo: Al Drago/Bloomberg via Getty Images

President Biden on Friday urged congressional Democrats to overcome differences surrounding his multi-trillion-dollar economic proposal but said he's still confident it will pass.

Why it matters: It's currently unclear how the $1.2 trillion bipartisan infrastructure bill and the $3.5 trillion reconciliation package will move forward with moderate and progressive Democrats in disagreement over critical portions of the legislation.