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Tyler Cowen

Brace Yourself for the Next 11½ Months

2021 will be better than 2020, but the year’s defining feature will be volatility.

Ring out the new, ring in the old.

Ring out the new, ring in the old.

Photographer: Michael Nagle/Bloomberg

If you had expected 2021 to be a relief from the horrors of 2020, sorry: So far it’s looking worse. Covid indicators, including deaths, are reaching new highs. The vaccine rollout has been badly botched. A violent insurrection, cheered on by the president, reached the inner sanctum of the Capitol.

The obvious question is whether bad news comes in waves, and so far the evidence seems to indicate that it does.