Opinion

In combating Covid-19, the US stumbled into a “natural experiment” whose national negative outcomes have outweighed the positive ones, including greater loss of life and more cases of debilitating illness, not to mention a setback to economic recovery. Now it faces a second natural experiment whose outcome is also likely to be disappointing unless we are willing to learn more ...

Tyrants can be especially ominous when they are ludicrous. In 2011, Vladimir Putin, scuba diving in the Black Sea, emerged clutching two 6th-century Greek urns — remarkably without a trace of moss — which had lain undiscovered in six feet of water, even though Russian archaeologists had scoured the seabed while studying an ancient Greek city. Putin’s flaunted contempt for ...

The bad news is that people still have very little interest in flying in the middle of a pandemic. But the silver lining — for investors at least — is that at least some airlines are accepting and adapting to that reality. Delta Air Lines Inc said it would add back only about 500 flights in August, down from an ...

When the Los Angeles Unified School District announced that it will not resume any in-person instruction this fall, it was a political victory for teachers and a defeat for families, science and opportunity for all. The teachers’ union opposed reopening schools amid the continuing rise in Covid-19 cases locally, and lobbied for an early resolution to eliminate uncertainty. Individual teachers ...

A president’s ability to pardon criminals is an oddity of the US Constitution, one of the few powers conferred on the executive without significant constraint. President Donald Trump has abused this authority — most recently by commuting the sentence imposed on his friend and former campaign adviser Roger Stone for seven felony convictions. There’s something to be said for enshrining ...

Because of his incontinent use of it, the rhetorical mustard that the president slathers on every subject has lost its tang. The entertainer has become a bore, and foretelling his defeat no longer involves peering into a distant future: Early voting begins in two states (South Dakota and Minnesota) 61 days from Sunday, which is 107 days before Election Day. ...

China’s cosmetic brands may finally be ready to face down their foreign rivals, thanks to the Covid outbreak and a wave of patriotic buying. The rising popularity of domestic makeup products is an example of how the pandemic upheaval and geopolitical tensions are creating unexpected winners and losers. Shares of Proya Cosmetics Co, Guangdong Marubi Biotechnology Co and Shanghai Jahwa ...

Taiwan Semiconductor Manufacturing Co (TSMC) was expected to be severely hurt by a US ban on producing chips designed by Huawei Technologies Co, one of its largest clients. The opposite seems true. The Taiwanese chip foundry posted earnings that far surpassed estimates, and went on to raise its revenue and spending guidance for this uniquely troubled year. Not only does ...

For the Federal Reserve, this time really is different. Having learned a hard lesson in the last recovery — don’t tighten monetary policy too early — the central bank is leaning in the opposite direction. In practice, that means the Fed will not just emphasize actual inflation over forecasted inflation, but will also attempt to push the inflate rate above ...

It is impossible not to marvel at the apparently indestructible gap between the buoyant stock market and the less-than-buoyant real economy of workers, companies and jobs. One must say “apparently indestructible,” because maybe there is some simple and obvious explanation that eludes your correspondent. Otherwise, either the stock market is too high, or the economic outlook is too low. One ...