Winter is Here, But Spring is Coming

The much anticipated start to 2021 has been disappointing against even low expectations. As the year began, new COVID-19 cases in most countries were surging, and America was facing its greatest constitutional test since the Civil War.

Winter is here, and as the weak December employment report makes clear, it has the potential to be a long, dark, cold one. However, just as surely, spring is coming. Science delivered a remarkable achievement, developing multiple efficacious vaccines in less than a year; and despite the recent slowdown, the economy has proven more resilient than initially feared, rebooting from the unexpected shutdown last spring thanks to massive monetary and fiscal support.

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