What you're not hearing about Janet Yellen, tax hikes, and the most important chart in economics

Media stories are exaggerating Yellen's statements about tax hikes. During the pandemic crisis, stimulus and relief bills were easy because there was no perceived need to pay for them. Now the Social Distancing Index indicates the crisis is nearly over. Biden's first prime-time speech appears to push against public optimism, seemingly seeking to prolong Washington's ability to easily pass bills in the name of emergency. With the crisis over, everything -- including infrastructure and tax hikes -- will be impossible in Washington with a 50/50 Senate and a virtually 50/50 House.