Look busy

At noon on April 30th Joe Biden had been president of the United States for exactly 100 days. Dull in the election campaign, in office Mr Biden is drawing comparisons with Franklin Roosevelt, thanks to a $1.9trn stimulus bill, a rapid covid-19 vaccination programme, ambitious infrastructure plans, a flurry of executive orders—and this week, he told Congress, a scheme to reinvent America’s social safety-net. He proposes higher taxes on companies and the rich, including a doubling of levies on capital-gains and dividends. Higher capital taxes will not crush growth, as his critics claim, although without improved design they could harm investment. Meanwhile, as a post-pandemic boom builds, some American employers are finding themselves short of labour.

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