Photo: Win McNamee/Getty Images

On balance, the people who run U.S. companies like the Age of Trump, The Economist writes in its cover story.

The big picture: "Bosses reckon that the value of tax cuts, deregulation and potential trade concessions from China outweighs the hazy costs of weaker institutions and trade wars."

  • "Bosses reckon that the value of tax cuts, deregulation and potential trade concessions from China outweighs the hazy costs of weaker institutions and trade wars."
  • The key point: "The financial fireworks on display in the first quarter of this year suggest that this vision is coming true. The earnings of [public companies] rose by 22% compared with a year earlier; investment was up by 19%."
  • "But ... the investment surge is unlike any before — it is skewed towards tech giants, not firms with factories."
  • Why it matters: "Republicans are right that tax cuts and wise deregulation can boost firms’ competitiveness. But little progress is being made on other priorities, including repairing infrastructure, ensuring small firms are not squashed by monopolies and reforming the education system."
  • The takeaway: "A strategy that assumes revenues but not expenses rarely makes sense."

Go deeper

Updated 28 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Pence chief of staff Marc Short tests positive for coronavirus — COVID-19 looms over White House Halloween celebrations.
  2. Health: Fauci says maybe we should mandate masks if people don't wear them — America was sick well before it ever got COVID-19.
  3. World: Polish President Andrzej Duda tests positive for COVID-19.
What Matters 2020

The missed opportunities for 2020 and beyond

Photo illustration: Sarah Grillo/Axios. Photos: Jason Armond (Los Angeles Times), Noam Galai, Jabin Botsford (The Washington Post), Alex Wong/Getty Images

As the 2020 presidential campaign draws to a close, President Trump and Joe Biden have focused little on some of the most sweeping trends that will outlive the fights of the moment.

Why it matters: Both have engaged on some issues, like climate change and China, on their own terms, and Biden has addressed themes like economic inequality that work to his advantage. But others have gone largely unmentioned — a missed opportunity to address big shifts that are changing the country.

Pence chief of staff Marc Short tests positive for coronavirus

Marc Short with Katie Miller, Vice President Pence's communications director, in March. Photo: Doug Mills/The New York Times via Reuters

Marc Short, Vice President Mike Pence’s chief of staff, tested positive for the coronavirus Saturday and is quarantining, according to a White House statement.

Why it matters: Short is Pence's closest aide, and was one of the most powerful forces on the White House coronavirus task force.