Opening America’s Doors Only to the Vaccinated Isn’t Good Enough


1

Last week, the Biden administration announced that it was in the process of opening up America’s borders. For the past year, international families have been kept apart on the basis of policies which seem to have only the slightest connection to public health. But the border opening will come with a catch: To travel to the United States, international travelers must be vaccinated against COVID-19. The policy will be a de facto ban on travel from the developing world in general, and from Africa in particular.

In the U.S., the last few months have been spent trying to coax, cajole, and coerce the most reluctant among us to get vaccinated. But the situation is very different in many parts of the world. As of mid-July, only about 1 percent of Africans had been vaccinated. This isn’t because the other 99 percent have been offered vaccines and chosen not to get them. The shots simply aren’t available. It’s possible that shots won’t be available to the average citizen of an African country for a long time to come.

It’s no real tragedy, perhaps, if someone’s trip to Disneyland ends up getting canceled because he doesn’t have access to a vaccine. But it is a tragedy to cut the majority of a continent off from cultural and economic exchange with the rest of the world. Last year sent Africa spiraling into its first recession in 25 years, with growth plummeting to -3.3 percent. The price of food became dangerously high for a continent where food insecurity has long been endemic. American imports of African goods dropped by a little over 20 percent last year—no small thing, given that the U.S. has historically been sub-Saharan Africa’s third-largest trading partner outside the continent.

The border closures and economic shutdowns have been devastating to many African countries in a way that the virus itself has not yet been. In a place where many were barely making ends meet, 29 million people slid into extreme poverty over the course of last year.

The Biden administration’s vaccine requirement for international travel threatens to sever a strong and growing relationship between the U.S. and Africa. Over the past decade, American imports from Ghana have grown by nearly 600 percent. Other countries demonstrate an even starker pattern of growth—imports from Senegal, for instance, have risen 1,800 percent in the last ten years. It might only take a year or two for vaccines to become widely available in Africa, but a year or two is long enough to damage the enterprises that have been responsible for this enormous economic growth.

All of this has taken place on a continent with the world’s lowest rate of coronavirus deaths per capita.

It’s false to say that the majority of those who will be locked out by the vaccine requirement weren’t going to be able to afford to travel anyway. Many African countries have a large and growing middle class. Just like many people around the globe, members of that group want to see the world and experience new cultures. About 41,000 international students from sub-Saharan Africa were studying in the U.S. during the 2019–20 school year, and a little over 2 million Africans have chosen to make the U.S. their permanent home. If an African woman living in the U.S. wants to invite family members still living in Africa to come visit her, she might now be waiting for years before they are able to meet vaccine requirements.

Many Americans and Europeans will be happy to see trans-Atlantic travel start moving again, even if it means that the African continent will be locked out. But this is in no one’s long-term interest.

If President Joe Biden chooses to enforce a vaccine mandate on all international travelers, it will likely encourage foreign governments to impose vaccine requirements on incoming Americans. Many Americans have family and friends outside the country. If you need to travel overseas to see your dying parent, and you need to get a vaccine to travel overseas, the vaccine will no longer be, in any meaningful sense, voluntary.

The stakes of vaccine mandates are high. The government should think twice before imposing restrictions that will effectively ban most people traveling from a continent that is already struggling. Everyone is frustrated by the interminable travel restrictions, which in some cases seem to have little to do with public health. But this attempt to get things back to “normal” will only make things worse. History tells us that once this policy is rolled out, it may be extremely hard to undo. The U.S. only rescinded its HIV entry restrictions in 2009, long after the disease had been circulating in the country and officials realized how it spreads.

If we accept international vaccine requirements, we should expect them to linger for decades. Free travel as we knew it will be a thing of the past—and those who can’t access vaccines will be hurt the most.

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“Transitory”? Pelosi Boosts Max Staffer Pay By 15% To $200K

“Transitory”? Pelosi Boosts Max Staffer Pay By 15% To $200K

The latest data from the Bureau of Economic Analysis, showed that government workers’ wages are rising at a record 8.1% YoY…

Nice work if you can get it… and oh boy do those workers deserve it, right?

Well another group of hard-working and much-deserving federal employees just got an even bigger pay rise.

Speaker Nancy Pelosi announced Thursday that The House of Representatives is raising its maximum annual salary for staff to $199,300, up from $173,900.

The 15% pay hike is intended to help “recruit and retain the outstanding and diverse talent,” Pelosi wrote in a letter to colleagues.

“This important action follows steps taken over the last two Congress to make the House more inclusive, open, and representative of the full range of voices and values of our communities,”

It’s also aimed at ensuring pay parity between House staff and other federal government employees, she added.

Ironically, as Axios notes, the move would allow some staffers to earn higher salaries than elected officials. The compensation for most U.S. senators, representatives and delegates is s $174,000, according to the Congressional Research Service.

Presumably ‘elected officials’ will now lobby for a concomitant pay rise… because ‘equity’.

What exactly are they getting a 15% pay rise for?

The question is – of course – how “transitory” is this 15% payrise? We assume, if Powell is right, that this surge in pay – a record increase – will be undone soon enough as supply chain pipelines ease and the economy recovers? Oh wait, it doesn’t work like that in the real world does it?

Tyler Durden
Fri, 08/13/2021 – 10:35

via ZeroHedge News https://ift.tt/3sr7Ci5 Tyler Durden

Texas Wins the Census


ipurestockx576022

The big news out of the 2020 census data released yesterday is that the U.S. is becoming less white. As Reason‘s Ron Bailey noted yesterday, “the population identifying as white alone decreased by 8.6 percent since the previous census in 2010,” while the number of people identifying as multiracial rose by 276 percent. But these aren’t the only big changes American demographics saw in the decade between 2010 and 2020.

While growing at its slowest rate since the Great Depression (from 308.7 million residents in 2010 to 331.4 million in 2020), the U.S. also saw a shift in where people are choosing to live. The biggest gains go to Texas, Western states more broadly, and metropolitan areas across the country. Certain areas of the South also saw some significant gains.

Big cities see big gains.

Most metropolitan areas—that is, counties containing a city with at least 50,000 people living in it—saw their populations go up.

Some 81 percent—or 312 out of 384 metro areas—experienced a population increase, compared to only 48 percent of “micropolitan” areas (a.k.a. counties containing a city of more than 10,000 but fewer than 50,000 people). Overall, “the population of U.S. metro areas grew by 9% from 2010 to 2020, resulting in 86% of the population living in U.S. metro areas in 2020, compared to 85% in 2010,” according to a U.S. Census Bureau press release.

Between 2010 and 2020, the population of U.S. micropolitan areas grew 1 percent but still decreased as a percentage of the population, from 9 percent in 2010 to 8 percent in 2020.

The majority of U.S. counties—about 52 percent—saw population decreases between 2010 and 2020.

Population winners and losers:

• Only three states—West Virginia, Mississippi, and Illinois—and Puerto Rico saw population declines overall.

• States with the most population growth were Texas, Florida, California, Georgia, and Washington. (“These five states accounted for nearly half of the total numeric population increase in the United States between 2010 and 2020,” the Census Bureau says.)

• The fastest-growing state over the past decade was Utah, which increased its overall population by 18.4 percent. Utah was followed by Idaho, Texas, North Dakota, and Nevada, which each increased by at least 15 percent.

• Texas saw the most supercharged city growth:

• The Dallas-Fort Worth and Houston metropolitan areas gained at least 1.2 million people apiece between 2010 and 2020, as did the New York-Newark-Jersey City metro area.

• The latest data still put Los Angeles County as the biggest county in the U.S. and New York City as the largest city.

• The metro area that grew the fastest: The Villages, in Florida, jumping from approximately 93,000 people to 130,000 people.

• The next biggest gainers were the Austin-Round Rock-Georgetown area in Texas; St. George, Utah; Greeley, Colorado; and the Myrtle Beach-Conway-North Myrtle Beach metro area in South and North Carolina.

• The five U.S. metro areas with the biggest population gains were: Harris County, Texas (Houston-The Woodlands-Sugar Land); Maricopa County, Arizona (Phoenix-Mesa-Chandler); King County, Washington (Seattle-Tacoma-Bellevue); Clark County, Nevada (Las Vegas-Henderson-Paradise); and Tarrant County, Texas (Dallas-Fort Worth-Arlington).

• Phoenix has now overtaken Philadelphia as the fifth-largest city.

• The populations of Buffalo, New York, and Cincinnati, Ohio grew for the first time in 70 years.

Race and ethnicity shifts

America’s Asian and Hispanic populations are booming, 2020 census data show:

• The number of people (of any race) identifying as Hispanic or Latino was around 62.1 million, up 23 percent from 2010. (In Texas, the “Hispanic population is now nearly as large as the non-Hispanic white population, with just half a percentage point separating them. Texas gained nearly 11 Hispanic residents for every additional white resident since 2010,” notes The Texas Tribune.)

• About 24 million people identified as all or partially Asian, 9.7 million as all or partially American Indian or Alaska Native, and 1.6 million as all or partially Native Hawaiian or other Pacific Islander.

But the biggest racial shift came in the number of people identifying as multiracial—up to 33.8 million in 2020, from 9 million in 2010.

“The ‘in combination’ multiracial populations for all race groups accounted for most of the overall changes in each racial category,” the Census Bureau notes. “All of the race alone or in combination groups experienced increases. The Some Other Race alone or in combination group (49.9 million) increased 129%, surpassing the Black or African American population (46.9 million) as the second-largest race alone or in combination group.”

White people still make up the bulk of the U.S. population, with 204.3 million Americans identifying solely as white. An additional 31.1 million identifying as a combination of white and another race.

As NPR points out, “what the new census data shows about race depends on how you look at it.”

The Census Bureau warns that “data comparisons between the 2020 Census and 2010 Census race data should be made with caution, taking into account the improvements we have made to the Hispanic origin and race questions and the ways we code what people tell us.”

An aging population:

“The share of children in the U.S. declined because of falling birth rates, while the share of adults grew, driven by aging baby boomers,” notes the Associated Press. “Adults over 18 made up more than three-quarters of the population in 2020, or 258.3 million people, an increase of more than 10% from 2010. However, the population of children under age 18 dropped from 74.2 million in 2010 to 73.1 million in 2020.”


FREE MINDS

Shift in Oregon education standards. Gov. Kate Brown signed a law in July that ends certain proficiency requirements for high school students. Is this simply a knock at bureaucratic testing standards, or “the soft bigotry of low progressive expectations”? The Wall Street Journal says it’s the latter:

The new law extends until 2024 a temporary suspension of the state requirements that kids demonstrate proficiency in reading, writing, and math to graduate from high school. Previously, in addition to demonstrating proficiency via Oregon’s Assessments of Knowledge and Skills test, students had the option of taking other standardized tests or submitting a work project to teachers. The new legislation gives the state’s Department of Education until 2022 to write new standards.

The purpose of public education is to provide students with the skills they need to succeed in the world. It is a terrible disservice to issue a diploma that fools them into believing they’ve mastered basic skills they haven’t. It is particularly cruel for the minority students who will pay the highest price when the real world confirms that their high schools have defrauded them of a real education.


FREE MARKETS

San Francisco to require proof of vaccination for many activities. Of course the Bay Area is among the first to up the vaccination status ante. “San Francisco will become the first major city in the country to require proof of full vaccination against the coronavirus for a variety of indoor activities, including visiting bars, restaurants, gyms and entertainment venues that serve food or beverages,” the San Francisco Chronicle reports. The new rules take effect August 20.

Somewhat surprisingly, New Orleans is also joining in:

New Orleans announced Thursday that people will have to show either proof of vaccination against COVID-19 or a negative test result within the last 72 hours to go to bars, eat indoors at restaurants, work out in a gym, or do other activities in public.

Mayor LaToya Cantrell said that the new rules will go into effect on Monday and enforcement will start on Aug. 23.


QUICK HITS

• The federal cop who devised a bogus sex trafficking ring and falsely imprisoned a teen for two years can’t be sued, a federal court says.

• “The Supreme Court on Thursday blocked part of an eviction moratorium in New York State that had been imposed in response to the coronavirus pandemic, a move the law’s supporters said might expose thousands to eviction,” The New York Times reports.

• Lenore Skenazy looks at the cruel treatment of inmates at a Texan prison for sex offenders.

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Opening America’s Doors Only to the Vaccinated Isn’t Good Enough


1

Last week, the Biden administration announced that it was in the process of opening up America’s borders. For the past year, international families have been kept apart on the basis of policies which seem to have only the slightest connection to public health. But the border opening will come with a catch: To travel to the United States, international travelers must be vaccinated against COVID-19. The policy will be a de facto ban on travel from the developing world in general, and from Africa in particular.

In the U.S., the last few months have been spent trying to coax, cajole, and coerce the most reluctant among us to get vaccinated. But the situation is very different in many parts of the world. As of mid-July, only about 1 percent of Africans had been vaccinated. This isn’t because the other 99 percent have been offered vaccines and chosen not to get them. The shots simply aren’t available. It’s possible that shots won’t be available to the average citizen of an African country for a long time to come.

It’s no real tragedy, perhaps, if someone’s trip to Disneyland ends up getting canceled because he doesn’t have access to a vaccine. But it is a tragedy to cut the majority of a continent off from cultural and economic exchange with the rest of the world. Last year sent Africa spiraling into its first recession in 25 years, with growth plummeting to -3.3 percent. The price of food became dangerously high for a continent where food insecurity has long been endemic. American imports of African goods dropped by a little over 20 percent last year—no small thing, given that the U.S. has historically been sub-Saharan Africa’s third-largest trading partner outside the continent.

The border closures and economic shutdowns have been devastating to many African countries in a way that the virus itself has not yet been. In a place where many were barely making ends meet, 29 million people slid into extreme poverty over the course of last year.

The Biden administration’s vaccine requirement for international travel threatens to sever a strong and growing relationship between the U.S. and Africa. Over the past decade, American imports from Ghana have grown by nearly 600 percent. Other countries demonstrate an even starker pattern of growth—imports from Senegal, for instance, have risen 1,800 percent in the last ten years. It might only take a year or two for vaccines to become widely available in Africa, but a year or two is long enough to damage the enterprises that have been responsible for this enormous economic growth.

All of this has taken place on a continent with the world’s lowest rate of coronavirus deaths per capita.

It’s false to say that the majority of those who will be locked out by the vaccine requirement weren’t going to be able to afford to travel anyway. Many African countries have a large and growing middle class. Just like many people around the globe, members of that group want to see the world and experience new cultures. About 41,000 international students from sub-Saharan Africa were studying in the U.S. during the 2019–20 school year, and a little over 2 million Africans have chosen to make the U.S. their permanent home. If an African woman living in the U.S. wants to invite family members still living in Africa to come visit her, she might now be waiting for years before they are able to meet vaccine requirements.

Many Americans and Europeans will be happy to see trans-Atlantic travel start moving again, even if it means that the African continent will be locked out. But this is in no one’s long-term interest.

If President Joe Biden chooses to enforce a vaccine mandate on all international travelers, it will likely encourage foreign governments to impose vaccine requirements on incoming Americans. Many Americans have family and friends outside the country. If you need to travel overseas to see your dying parent, and you need to get a vaccine to travel overseas, the vaccine will no longer be, in any meaningful sense, voluntary.

The stakes of vaccine mandates are high. The government should think twice before imposing restrictions that will effectively ban most people traveling from a continent that is already struggling. Everyone is frustrated by the interminable travel restrictions, which in some cases seem to have little to do with public health. But this attempt to get things back to “normal” will only make things worse. History tells us that once this policy is rolled out, it may be extremely hard to undo. The U.S. only rescinded its HIV entry restrictions in 2009, long after the disease had been circulating in the country and officials realized how it spreads.

If we accept international vaccine requirements, we should expect them to linger for decades. Free travel as we knew it will be a thing of the past—and those who can’t access vaccines will be hurt the most.

from Latest – Reason.com https://ift.tt/3CLYZTF
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Rabobank: Very Soon Our Comfortable Market Narrative Will Collapse Like A House Of Cards

Rabobank: Very Soon Our Comfortable Market Narrative Will Collapse Like A House Of Cards

By Michael Every of Rabobank

The US PPI print yesterday laid bare the surge in input costs still coming through the pipeline, most notably in that while the headline was up 1.0% m/m, almost double expectations, and 7.8% y/y, the core component ex- food and energy also spiked 0.9% m/m and 6.2% y/y. As we have already seen in China, somebody is going to have to swallow that. Will it be producers, compressing their margins? Or will it be consumers, depressing their real incomes? Considering around 25% of capacity at China’s third-busiest port just closed down again due to Covid-19, which will push global shipping further past its limits just as the US needs to restock for Black Friday and Xmas, the one thing that does not seem likely is a rapid drop-off in supply-side inflation.

That underlying dynamic is not new. Neither is the market’s lack of concern about it, with US stocks at a fresh all-time high: apparently it does not matter if margins are compressed, or real consumer incomes fall. Neither is the will-they/won’t-they of US fiscal stimulus. And neither is Fed speak suggesting tapering soon, this time from Daly, who doesn’t want to dilly-dally: which stands in complete contrast to what Fed Chair Powell says and does when he is in the spotlight.

The key point is that not long from now, our narrative is going to collapse like a house of cards. Either fiscal stimulus will happen and consumer inflation follows producer inflation higher, and we get Fed tapering and a move towards higher rates – and it is a complete mess in liquidity-addicted markets; or fiscal stimulus will happen, etc., and the Fed still doesn’t taper and move towards higher rates – and it is a completely different mess in liquidity-addicted markets; or fiscal stimulus won’t happen and consumer inflation follows producer inflation higher, so stagflation, and the Fed does not react – and we get happy markets but a complete mess in a society promised (Build Back) Better.

Until those cards come tumbling down, we can cling to our comfortable delusions supported by comfortable theories and comfortable gibberish, peddled by comfortable people in comfortable jobs, with comfortable pensions or comfortable after-dinner speaking fees. But tumble the cards will, nonetheless, and quicker than people think – and very uncomfortably.

For a physical example, after 20 years of war, $2 trillion in spending, and many lives lost, on 14 April, US President Biden announced a full US troop withdrawal from Afghanistan. On 2 July, US forces left Bagram airbase overnight. The comfortable thinkers in comfortable jobs in DC were sure the well-funded, US-trained Afghan army would defeat the Taliban: instead, they fled, or handed their weapons over to them. The Taliban are now threatening Kabul, and the US is sending 3,000 troops back in order to evacuate all of its citizens and its embassy, reminiscent of the 1975 helicopter retreat from Saigon.

This is not a political critique of the decision to withdraw. The key point is that the expensive US presence in Afghanistan was –like the QE that ironically paid for a slice of it– just a house of cards, for all of the comfortable DC assumptions otherwise. The second point is that the geostrategic ramifications of this event will reverberate for years. Markets could care less: but they may well care about some of the uncomfortable potential outcomes, from renewed terrorism to refugee flows to war: and all the powers in the region, from China to Russia to India to Pakistan to Iran, will have an interest in what happens in the country – as will the US.

On one level, this is a humiliation for a US already being told its position as global hegemon is in tatters. Then again, the States survived the 1975 debacle and came back even stronger. More near term, what is happening in Afghanistan may mean less US flexibility over negotiations with Iran —which has just agreed to join the Shanghai Cooperation Council— though that is far from certain given the obvious US imperative to disentangle itself from the Greater Middle East regardless. More importantly, however, it suggests the risk of the US being far more likely to draw red lines in the Indo-Pacific so the Afghan retreat does not define its approach to security guarantees in that region. And red lines open up fat-tail geopolitical risk scenarios that comfortable markets don’t want to look at.

Even avoiding red lines on maps, there are red lines in calendars. We have:

  • The looming deadline for US intelligence to release their conclusions on the origins of Covid-19 – though it appears the CIA will reach the comfortable conclusion that they cannot say;

  • The Phase One Trade Deal lapses in December, with no sign of anything to replace it;

  • The White House has to decide if it will invite Taiwan to attend its upcoming summit of democracies, which is a red line for Beijing. The Global Times states that if this happens, Chinese fighters will overfly not just Taiwanese airspace, but the island itself. (And who will attend the summit given controversies over liberal vs illiberal democracy is another Manichean headache); and

  • There is the White House decision over what position to take on the Beijing Winter Olympics.

Still sitting comfortably, everyone?

Meanwhile, as markets absorb –or ignore– yesterday’s clear message from Beijing that China will see far greater nationalist/populist state regulation and policy centralization until at least 2025, with enormous implications locally and globally, the US is already pivoting further in terms of its policy response. As Bloomberg reports, “CIA Weighing Creating Special China Unit in Bid to Out-Spy Beijing”, with the CIA Director talking of “intensified focus and urgency.” This is the same agency that was probably telling President Biden the Afghan army was capable of holding off the Taliban six weeks ago. However, it is an uncomfortable sign of the underlying US-China dynamic when the spooks get big new funding.

So uncomfortable that I am sure markets will ignore it all completely. Markets are best at that after all. For a physical example, see The Guardian back in 2010, talking of ‘Kabul’s glitzy property boom’; or 2011’s ‘Afghanistan: The Surprising Destination for Luxury Real Estate’; or 2013’s ‘Afghan suburbia: Luxury construction boom grips Kabul despite uncertain future’; and this website is still offering luxury property for sale in Kabul – for now.

Happy Friday. For the comfortable ones anyway.

Tyler Durden
Fri, 08/13/2021 – 10:15

via ZeroHedge News https://ift.tt/3CLRiNp Tyler Durden

American Consumer Sentiment Crashes Below COVID Crisis Lows, Inflation Fears Rebound

American Consumer Sentiment Crashes Below COVID Crisis Lows, Inflation Fears Rebound

Following UMich’s sentiment slump in July, analysts expect a further (modest) slide in Americans’ confidence in preliminary August data this morning. They wewre wrong, very wrong!

Sentiment crashed in early August data according to UMich Sentiment survey with the headline plunging from 81.2 to 70.0 – that is weaker than the April 2020 COVID crisis lows…

Source: Bloomberg

Confidence collapsed for both Republicans and Democrats…

Source: Bloomberg

Even more ominously, while short-term inflation expectations eased very modestly, longer-term expectations rebounded back to multiyear highs…

Source: Bloomberg

Presumably this is due to the Biden administration’s scaremongering response to the Delta variant (which obviously is due to white supremacist anti-vaxxers not being vaccinated)… except it’s not…

“Consumers have correctly reasoned that the economy’s performance will be diminished over the next several months, but the extraordinary surge in negative economic assessments also reflects an emotional response, mainly from dashed hopes that the pandemic would soon end,” Richard Curtin, director of the survey, said in the report.

Tyler Durden
Fri, 08/13/2021 – 10:08

via ZeroHedge News https://ift.tt/3sfwAAT Tyler Durden

Texas Wins the Census


ipurestockx576022

The big news out of the 2020 census data released yesterday is that the U.S. is becoming less white. As Reason‘s Ron Bailey noted yesterday, “the population identifying as white alone decreased by 8.6 percent since the previous census in 2010,” while the number of people identifying as multiracial rose by 276 percent. But these aren’t the only big changes American demographics saw in the decade between 2010 and 2020.

While growing at its slowest rate since the Great Depression (from 308.7 million residents in 2010 to 331.4 million in 2020), the U.S. also saw a shift in where people are choosing to live. The biggest gains go to Texas, Western states more broadly, and metropolitan areas across the country. Certain areas of the South also saw some significant gains.

Big cities see big gains.

Most metropolitan areas—that is, counties containing a city with at least 50,000 people living in it—saw their populations go up.

Some 81 percent—or 312 out of 384 metro areas—experienced a population increase, compared to only 48 percent of “micropolitan” areas (a.k.a. counties containing a city of more than 10,000 but fewer than 50,000 people). Overall, “the population of U.S. metro areas grew by 9% from 2010 to 2020, resulting in 86% of the population living in U.S. metro areas in 2020, compared to 85% in 2010,” according to a U.S. Census Bureau press release.

Between 2010 and 2020, the population of U.S. micropolitan areas grew 1 percent but still decreased as a percentage of the population, from 9 percent in 2010 to 8 percent in 2020.

The majority of U.S. counties—about 52 percent—saw population decreases between 2010 and 2020.

Population winners and losers:

• Only three states—West Virginia, Mississippi, and Illinois—and Puerto Rico saw population declines overall.

• States with the most population growth were Texas, Florida, California, Georgia, and Washington. (“These five states accounted for nearly half of the total numeric population increase in the United States between 2010 and 2020,” the Census Bureau says.)

• The fastest-growing state over the past decade was Utah, which increased its overall population by 18.4 percent. Utah was followed by Idaho, Texas, North Dakota, and Nevada, which each increased by at least 15 percent.

• Texas saw the most supercharged city growth:

• The Dallas-Fort Worth and Houston metropolitan areas gained at least 1.2 million people apiece between 2010 and 2020, as did the New York-Newark-Jersey City metro area.

• The latest data still put Los Angeles County as the biggest county in the U.S. and New York City as the largest city.

• The metro area that grew the fastest: The Villages, in Florida, jumping from approximately 93,000 people to 130,000 people.

• The next biggest gainers were the Austin-Round Rock-Georgetown area in Texas; St. George, Utah; Greeley, Colorado; and the Myrtle Beach-Conway-North Myrtle Beach metro area in South and North Carolina.

• The five U.S. metro areas with the biggest population gains were: Harris County, Texas (Houston-The Woodlands-Sugar Land); Maricopa County, Arizona (Phoenix-Mesa-Chandler); King County, Washington (Seattle-Tacoma-Bellevue); Clark County, Nevada (Las Vegas-Henderson-Paradise); and Tarrant County, Texas (Dallas-Fort Worth-Arlington).

• Phoenix has now overtaken Philadelphia as the fifth-largest city.

• The populations of Buffalo, New York, and Cincinnati, Ohio grew for the first time in 70 years.

Race and ethnicity shifts

America’s Asian and Hispanic populations are booming, 2020 census data show:

• The number of people (of any race) identifying as Hispanic or Latino was around 62.1 million, up 23 percent from 2010. (In Texas, the “Hispanic population is now nearly as large as the non-Hispanic white population, with just half a percentage point separating them. Texas gained nearly 11 Hispanic residents for every additional white resident since 2010,” notes The Texas Tribune.)

• About 24 million people identified as all or partially Asian, 9.7 million as all or partially American Indian or Alaska Native, and 1.6 million as all or partially Native Hawaiian or other Pacific Islander.

But the biggest racial shift came in the number of people identifying as multiracial—up to 33.8 million in 2020, from 9 million in 2010.

“The ‘in combination’ multiracial populations for all race groups accounted for most of the overall changes in each racial category,” the Census Bureau notes. “All of the race alone or in combination groups experienced increases. The Some Other Race alone or in combination group (49.9 million) increased 129%, surpassing the Black or African American population (46.9 million) as the second-largest race alone or in combination group.”

White people still make up the bulk of the U.S. population, with 204.3 million Americans identifying solely as white. An additional 31.1 million identifying as a combination of white and another race.

As NPR points out, “what the new census data shows about race depends on how you look at it.”

The Census Bureau warns that “data comparisons between the 2020 Census and 2010 Census race data should be made with caution, taking into account the improvements we have made to the Hispanic origin and race questions and the ways we code what people tell us.”

An aging population:

“The share of children in the U.S. declined because of falling birth rates, while the share of adults grew, driven by aging baby boomers,” notes the Associated Press. “Adults over 18 made up more than three-quarters of the population in 2020, or 258.3 million people, an increase of more than 10% from 2010. However, the population of children under age 18 dropped from 74.2 million in 2010 to 73.1 million in 2020.”


FREE MINDS

Shift in Oregon education standards. Gov. Kate Brown signed a law in July that ends certain proficiency requirements for high school students. Is this simply a knock at bureaucratic testing standards, or “the soft bigotry of low progressive expectations”? The Wall Street Journal says it’s the latter:

The new law extends until 2024 a temporary suspension of the state requirements that kids demonstrate proficiency in reading, writing, and math to graduate from high school. Previously, in addition to demonstrating proficiency via Oregon’s Assessments of Knowledge and Skills test, students had the option of taking other standardized tests or submitting a work project to teachers. The new legislation gives the state’s Department of Education until 2022 to write new standards.

The purpose of public education is to provide students with the skills they need to succeed in the world. It is a terrible disservice to issue a diploma that fools them into believing they’ve mastered basic skills they haven’t. It is particularly cruel for the minority students who will pay the highest price when the real world confirms that their high schools have defrauded them of a real education.


FREE MARKETS

San Francisco to require proof of vaccination for many activities. Of course the Bay Area is among the first to up the vaccination status ante. “San Francisco will become the first major city in the country to require proof of full vaccination against the coronavirus for a variety of indoor activities, including visiting bars, restaurants, gyms and entertainment venues that serve food or beverages,” the San Francisco Chronicle reports. The new rules take effect August 20.

Somewhat surprisingly, New Orleans is also joining in:

New Orleans announced Thursday that people will have to show either proof of vaccination against COVID-19 or a negative test result within the last 72 hours to go to bars, eat indoors at restaurants, work out in a gym, or do other activities in public.

Mayor LaToya Cantrell said that the new rules will go into effect on Monday and enforcement will start on Aug. 23.


QUICK HITS

• The federal cop who devised a bogus sex trafficking ring and falsely imprisoned a teen for two years can’t be sued, a federal court says.

• “The Supreme Court on Thursday blocked part of an eviction moratorium in New York State that had been imposed in response to the coronavirus pandemic, a move the law’s supporters said might expose thousands to eviction,” The New York Times reports.

• Lenore Skenazy looks at the cruel treatment of inmates at a Texan prison for sex offenders.

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9 Democrats Threaten Mutiny Over $3.5T Budget Resolution

9 Democrats Threaten Mutiny Over $3.5T Budget Resolution

A group of nine moderate House Democrats are threatening to withhold their votes from their party’s $3.5 trillion budget resolution later this month if Speaker Nancy Pelosi (D-CA) doesn’t push the recently-passed $1.2 trillion infrastructure plan through to President Biden’s desk.

We will not consider voting for a budget resolution until the bipartisan Infrastructure Investment and Jobs Act passes the House and is signed into law,” wrote the group led by Rep. Josh Gottheimer (D-NJ) in a Thursday letter obtained by Politico.

The group, which has been issuing veiled warnings for weeks, could upend the Democrats’ massive $3.5 trillion social spending package for which Pelosi can only afford to lose three votes in the House, which is slated for a vote when the House returns on August 23. Once passed by the House, Senate Democrats can move forward with the $3.5 trillion package using the filibuster-proof reconciliation process. And that‘s assuming they can convince moderate Democrats Joe Manchin and Kyrsten Sinema to play ball.

Meanwhile, progressive House Democrats are flatly rejecting the idea of putting the infrastructure bill up for a vote before the $3.5T package, warning Pelosi that they have the votes to tank the Senate-passed bill.

That said, Pelosi is holding her ground on her promise of a two-track plan to push both packages in tandem.

The latest move from Gottheimer and the other Democratic centrists ups the ante for Pelosi and her leadership team, who so far have shown no willingness to budge on their two-track approach.

Pelosi reiterated her stance — emphasizing it was firm — on a private caucus call earlier this week, telling her member there was “consensus” in the caucus to not bring up the Senate infrastructure bill until the upper chamber had passed the more sweeping social spending plan.

In addition to Gottheimer, Democratic Reps. Filemon Vela, Henry Cuellar and Vicente Gonzalez, all of Texas, as well as Reps. Ed Case of Hawaii, Jared Golden of Maine, Jim Costa of California, Carolyn Bourdeaux of Georgia and Kurt Schrader of Oregon signed the letter. -Politico

The Senate passed the bipartisan infrastructure bill earlier this week, with 19 Republicans joining the Democrats to move it forward. It includes $550 billion in new spending, along with funding for roads, bridges and modernizing the electric grid and broadband internet.

Tyler Durden
Fri, 08/13/2021 – 09:53

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Head Of WHO Origin Probe Team Admits Communist China Ordered Them What To Write In Report

Head Of WHO Origin Probe Team Admits Communist China Ordered Them What To Write In Report

Authored by Steve Watson via Summit News,

The head of the World Health Organization’s origin investigation into COVID-19 has admitted that China basically ordered his team on what to write in their report and allowed them to mention the lab leak theory, but only on the condition that they didn’t recommend following it up.

Revealing what is clear evidence of a cover up, the Washington Post reports that Danish WHO chief Ben Embarek made the admission after also commenting that he believes patient zero was a worker at the Wuhan Institute of Virology, where experiments on coronaviruses were being carried out.

Embarek noted that “human error” could have ultimately led to the virus jumping to humans, but that “the Chinese political system does not allow authorities to acknowledge that.”

Embarek commented that “Somebody could also wish to hide something.”

As we have previously noted, the Communist Chinese government, along with Dr. Peter Daszak, President of the EcoHealth Alliance, steered the course of the pathetic WHO “investigation”, which had already dismissed the lab leak notion after only a three hour visit to the facility in February.

Danish WHO Chief Says COVID ‘Patient Zero’ Was Likely Wuhan Lab Worker

In addition, China has refused to cooperate with the renewed WHO probe, declaring that any attempt to look into the lab leak theory goes “against science” and claiming, contrary to U.S. intelligence and the WHO’s own conclusions, that workers in the lab were hospitalised with COVID in the autumn of 2020.

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Tyler Durden
Fri, 08/13/2021 – 09:30

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Total Global ETF Assets Blow Past The $9 Trillion Mark

Total Global ETF Assets Blow Past The $9 Trillion Mark

We have extensively covered the investing landscape drifting into ETFs over the last decade, most often to note how they can sometimes act as the “tail wagging the dog” for their underlying components, and also to occasionally point out that the rise of passive investing into such funds could result in poor liquidity in a case where markets once again become volatile. 

Now it seems like these caveats are worth noting more than ever, as the Wall Street Journal pointed out this week that total ETF assets have eclipsed $9.1 trillion, citing data from Morningstar.

Net inflows this year are already almost over the $736.5 billion that moved into ETFs during 2020. Most of the inflows have went to “cheap, index-tracking funds, with large-cap and short-term bond ETFs, as well as products offering inflation protection,” the Journal noted.

Of this sum, U.S. ETFs make up about $519 billion, pushing U.S ETF assets to roughly $6.6 trillion. 

Anaelle Ubaldino, head of ETF research and investment advisory at data firm TrackInsight, said: “ETFs are probably the greatest success story in financial services over the last two decades.”

Vanguard has brought in $224 billion throughout the first seven months of the year, 45% more than competitor Blackrock. Two of Vanguard’s funds brought in a majority of the cash: the 500 Index Fund and the Total Stock Market Index Fund saw inflows of $32.3 billion and $23.4 billion, respectively, this year so far. 

Vanguard has 6 of the Top 10 funds by inflows this year, while Blackrock managed the other four, the Journal points out.

Actively managed ETFs – the most notable of which we always write about is ARK Invest’s ARKK Innovation fund – are also on the rise. Investment banks like J.P. Morgan are in the midst of launching their own actively managed ETFs. J.P. Morgan is even in the process of converting some of its mutual funds into ETFs in 2022. The assets being moved total $10 billion.

Matt Bartolini, head of SPDR Americas Research at State Street, says $800 billion in inflows in 2021 isn’t impossible. He concluded: “With such dazzling flow totals in a short period of time, it begs the question of how high flows could get in 2021. Particularly if ETFs can make it into the four commas club.”

Tyler Durden
Fri, 08/13/2021 – 09:12

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