With the ink barely dry on his $1.9 trillion coronavirus bailout bill, President Joe Biden unveiled a $2.2 trillion proposal to shore up crumbling U.S. infrastructure, sending stocks soaring to new records but drawing some criticism from both sides of the aisle. By bolstering the middle class, everyone will benefit, Biden said of the plan, which he said would create upwards of 19 million jobs, mostly for working class Americans. There are also plans to support the electric-vehicle industry as part of the package, though the biggest winner won’t be Tesla, according to Liam Denning in Bloomberg Opinion. If passed, the bill could supercharge the U.S. economy while setting it on a collision course with China over resources. Noah Smith writes that while Biden’s initiative resembles in some ways FDR’s New Deal, the times are decidedly different.

What you’ll want to read this weekend

Biden’s big Covid-19 vaccination push offers hope that most U.S. adults will have received at least one shot this summer, but Black Americans are getting inoculated at a far slower rate than White Americans. In Brazil, the virus is out of control, with far-right President Jair Bolsonaro’s government imploding. And on Facebook, anti-vaxxers have had the perfect platform to scare women from signing up for a shot.

The pandemic has changed the renting vs. buying game, particularly in New York City. For a window into the city’s uneven recovery, look no further than its bodegas. And one unexpected side-effect of the pandemic: more Americans are eating lamb.

Local markets in New York City, like this one in the wealthy Park Slope neighborhood of Brooklyn, provide a window on the uneven real estate recovery.

Photographer: Amir Hamja/Bloomberg

Georgia Republicans, using the falsehood of election fraud as justification, passed sweeping restrictions on voting access critics say are aimed at disenfranchising minorities. The law, described by Biden as a new version of Jim Crow, earned national condemnation for the former Confederate state. Dozens of Black executives took a stand against the bill, and corporate America says it’s listening. Bloomberg Opinion’s Robert George said the law is a sad about-face for Republican Governor Brian Kemp.

Ivy League schools are set to reject hundreds of students because too many high-school seniors flocked to the top names. Meanwhile, online education platform Coursera, which thrived during the pandemic,surged on its trading debut.

Cruise-line trips going nowhere are amazingly popular among Singapore residents who just want to go anywhere. And amusement park SeaWorld wants you to know it’s ok to have fun again.

Killer whales at SeaWorld San Diego

Photographer: Handout/Getty Images North America

What you’ll need to know next week

• The IMF and the World Bank hold joint meetings, virtually.
• Boris Johnson will set out where Britons can travel to abroad.
• Biden meets Japan’s prime minister; Taiwan is on the agenda.
• Samsung’s earnings may reveal more about the chip shortage.
• Masters Tournament returns, though many want it out of Georgia.

What you’ll want to read in Bloomberg Wealth

Bill Hwang’s Dueling Lives Collide on Wall Street

A mind-boggling fortune made in stealth and then wiped out very publicly in the blink of an eye. This is the story so far of Bill Hwang, the hedge funder whose margin call meltdown stuck it to some big banks. But there are two Bill Hwangs. One walks for hours through New York’s Central Park listening to recordings of the Bible. The other has a thirst for risk and a stomach for volatile markets. The result: billions of dollars down the drain.

Bill Hwang

Photographer: Bloomberg Daybreak

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