Mar 29, 2017

The miraculous European recovery

Bank of England Governor Mark Carney, President of the ECB Mario Draghi and Fed Chair Janet Yellen (Franziska Kraufmann/dpa)

Don't look now, but the European stock market is officially outperforming the American one, after nearly a month of sideways movement in the S&P 500. This fact highlights how underrated the European economic recovery has been as a factor in the post-election surge in economic confidence, as the whole of the European Union is the U.S.'s largest trading partner.

Why is Europe booming? Economist Anatole Kaletsky suggests that the European Central Bank should be given credit. "A dramatic change to European policy and economic conditions occurred in March 2015, when the European Central Bank belatedly launched a bond-buying program similar to America's, but on a far larger scale," he writes. Effectively, the central bank has reduced European sovereign debt loads, which has boosted confidence and the economy.

Score one for the bureaucracy: The jury is still out, but it's plausible that in ten years time, both the ECB and the Federal Reserve will be credited for dragging the world out of the Great Recession, while parliaments and congresses bickered. In this age of democratic populism, it might the unelected bureaucrats who deserve our thanks.

Go deeper

The new labor movement

Illustration: Aïda Amer/Axios

The coronavirus pandemic has had a big impact on working people, who are increasingly banding together to put pressure on employers and raise public awareness about health and safety issues they're facing on the job.

Why it matters: After years of declining union membership, a new labor movement is rising, amplified by the power of social media and fueled by concerns that workers deemed essential during the crisis are putting their lives at risk to ensure the well-being of others.

Medicaid will be a coronavirus lifeline

Illustration: Sarah Grillo/Axios

Medicaid will be a lifeline for droves of Americans affected by the coronavirus pandemic.

Why it matters: Medicaid has long been the safety net that catches people during hard times, but a crisis of this magnitude will call upon the program — and strain states' budgets — like never before.

Go deeperArrow24 mins ago - Health

Axios-Ipsos Coronavirus Index: Rich sheltered, poor shafted amid virus

Data: Axios/Ipsos survey. Margin of error ±2.8 points for full sample. Margin for subgroups ranges from ±5 to ±9 points. Chart: Naema Ahmed/Axios

The coronavirus is spreading a dangerous strain of inequality.

  • Better-off Americans are still getting paid and are free to work from home, while the poor are either forced to risk going out to work or lose their jobs.

Driving the news: This sobering reality emerges from Week 3 of our Axios-Ipsos Coronavirus Index.

Go deeperArrow40 mins ago - Health