Tuesday, January 31, 2023

Richest billionaires in Illinois—Four Pritzker family members

  1. Richest billionaires in Illinois

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Richest billionaires in Illinois

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January 5, 2023

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Richest billionaires in Illinois

The first billionaire ever is thought to be Standard Oil magnate John D. Rockefeller back in 1916, or perhaps Henry Ford in 1925. Fast forward some 100 years to 2021: as the COVID-19 pandemic continued to rage, a record-breaking 660 people became billionaires globally, growing the previous year's number by 30%. While the U.S. is home to the most billionaires out of any other country, Americans are somewhat split in their feelings on the billionaire class. According to Pew Research Center data, people in the U.S. became somewhat more critical of billionaires between 2020 and 2021. Although support for individual billionaires like Elon Musk or Bill Gates is relatively strong, many Americans view the ultra-rich—as a group rather than as individuals—negatively. Meanwhile, Amazon CEO Jeff Bezos is projected to become the world's first trillionaire by 2026.

The U.S.'s wealthiest billionaires are mostly concentrated within just a couple of industries: finance and investments, and technology. Other wealthy sectors include food and drink, fashion and retail, and media and entertainment. Stacker compiled a list of the richest billionaires that are residents of Illinois, using data from Forbes. Billionaires are ranked by net worth as of January 3. Forbes lists 23 billionaires in Illinois.

#20. Byron Trott
- Net worth: $1.7 billion (#1,683 wealthiest in the world)
- Residence: Winnetka, Illinois
- Source of wealth: investments, Self Made

#19. Jerry Reinsdorf
- Net worth: $1.8 billion (#1,597 wealthiest in the world)
- Residence: Chicago, Illinois
- Source of wealth: sports teams, Self Made

#18. Jennifer Pritzker
- Net worth: $1.9 billion (#1,541 wealthiest in the world)
- Residence: Chicago, Illinois
- Source of wealth: hotels, investments

#17. Justin Ishbia
- Net worth: $2.0 billion (#1,503 wealthiest in the world)
- Residence: Chicago, Illinois
- Source of wealth: private equity

#16. Steven Sarowitz
- Net worth: $2.8 billion (#1,062 wealthiest in the world)
- Residence: Highland Park, Illinois
- Source of wealth: payroll software, Self Made

#15. Penny Pritzker
- Net worth: $3.0 billion (#974 wealthiest in the world)
- Residence: Chicago, Illinois
- Source of wealth: hotels, investments

#14. Sheldon Lavin
- Net worth: $3.1 billion (#922 wealthiest in the world)
- Residence: Highland Park, Illinois
- Source of wealth: meat processing, Self Made

#13. J.B. Pritzker
- Net worth: $3.6 billion (#792 wealthiest in the world)
- Residence: Springfield, Illinois
- Source of wealth: hotels, investments

#12. Elizabeth Uihlein
- Net worth: $3.7 billion (#758 wealthiest in the world)
- Residence: Lake Forest, Illinois
- Source of wealth: packaging materials, Self Made

#11. Richard Uihlein
- Net worth: $3.7 billion (#758 wealthiest in the world)
- Residence: Lake Forest, Illinois
- Source of wealth: packaging materials, Self Made

#10. Joseph Grendys
- Net worth: $3.8 billion (#734 wealthiest in the world)
- Residence: Chicago, Illinois
- Source of wealth: poultry processing, Self Made

#9. Eric Lefkofsky
- Net worth: $4.2 billion (#650 wealthiest in the world)
- Residence: Glencoe, Illinois
- Source of wealth: Groupon, investments, Self Made

#8. Ty Warner
- Net worth: $4.7 billion (#561 wealthiest in the world)
- Residence: Oak Brook, Illinois
- Source of wealth: plush toys, real estate, Self Made

#7. Thomas Pritzker
- Net worth: $4.8 billion (#548 wealthiest in the world)
- Residence: Chicago, Illinois
- Source of wealth: hotels, investments

#6. Joe Mansueto
- Net worth: $4.9 billion (#538 wealthiest in the world)
- Residence: Chicago, Illinois
- Source of wealth: investment research, Self Made

#5. Mark Walter
- Net worth: $5.2 billion (#489 wealthiest in the world)
- Residence: Chicago, Illinois
- Source of wealth: finance, Self Made

#4. Sam Zell
- Net worth: $5.2 billion (#487 wealthiest in the world)
- Residence: Chicago, Illinois
- Source of wealth: real estate, private equity, Self Made

#3. Neil Bluhm
- Net worth: $5.9 billion (#417 wealthiest in the world)
- Residence: Chicago, Illinois
- Source of wealth: real estate, Self Made

#2. Patrick Ryan
- Net worth: $8.6 billion (#222 wealthiest in the world)
- Residence: Winnetka, Illinois
- Source of wealth: insurance, Self Made

#1. Lukas Walton
- Net worth: $21.7 billion (#71 wealthiest in the world)
- Residence: Chicago, Illinois
- Source of wealth: Walmart

Above is from:  Richest Billionaires in Illinois | Stacker

How are the billionaire Pritzkers related.

Thomas is the CEO of many Pritzker organizations.  Governor J.B. is a cousin as are J.B. sisters, Jennifer and Penny.


Image result for Thomas Pritzker


Thomas Pritzker is an American billionaire heir and businessman. A member of the Pritzker family, he is the chairman and chief executive officer of the Pritzker Organization, which manages the various Pritzker family business assets, and the executive chairman of the Hyatt Hotels Corporation. Wikipedia

Born: 1950 (age 72 years)

Net worth: 5.4 billion USD (2023) Forbes

Siblings: John Pritzker, Gigi Pritzker, Daniel Pritzker, Nancy Pritzker

Education: Claremont McKenna College, The University of Chicago

Partner: Margot Pritzker

Books: Our Shared Opportunity: A Vision for Global Prosperity

Cousins

J. B. Pritzker (via Jay Pritzker)

J. B. Pritzker

via Jay Pritzker

Penny Pritzker (via Jay Pritzker)

Penny Pritzker

via Jay Pritzker

Liesel Matthews (via Jay Pritzker)

Liesel Matthews

via Jay Pritzker

Jennifer Pritzker (via Jay Pritzker)

Jennifer Pritzker

via Jay Pritzker

Thursday, January 26, 2023

January 26, 2023: Johns Hopkins COVID 19 Situation Report

COVID-19 Situation Report

Weekly updates on COVID-19 epidemiology, science, policy, and other news you can use.

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Announcements

CENTER WELCOMES NEW SENIOR SCHOLAR We are thrilled to welcome Alexandra Phelan to the John Hopkins Center for Health Security as a Senior Scholar and to the Johns Hopkins Bloomberg School of Public Health as an Associate Professor in the Department of Environmental Health and Engineering. At the Center, Dr. Phelan will contribute to several ongoing projects, as well as spearhead a portfolio of multidisciplinary work spanning global health law, infectious disease, and climate change. She/they are an alum of the Center’s ELBI fellowship. Read our news story: https://bit.ly/3iXunJU

In this issue

> Emergency Committee on COVID-19 to discuss PHEIC designation; WHO launches US$2.5B emergency appeal

> US FDA panel considering shift to regular vaccine boosters but many questions, uncertainties remain

> Two new studies provide evidence bivalent boosters increase protection against Omicron subvariants compared to original vaccines, boosters

> Number of US cardiovascular deaths rose during pandemic’s first year prior to vaccine availability, especially among some populations

> Papers, meetings evaluate pandemic-related public health measures

> What we're reading

> Epi update

Emergency Committee on COVID-19 to discuss PHEIC designation; WHO launches US$2.5B emergency appeal

The Emergency Committee on COVID-19 is set to meet for a 14th time on January 27 to consider whether SARS-CoV-2 continues to merit designation as a Public Health Emergency of International Concern (PHEIC), 3 years after the panel first agreed the outbreak met the criteria. Under the International Health Regulations (IHR), a PHEIC can be declared if a health event meets 3 criteria:

  • it is serious, sudden, unusual, or unexpected
  • carries implications for public health beyond the affected State’s national border, and
  • may require immediate international action.

While COVID-19 has spread globally and is no longer sudden or unexpected, WHO Director-General Dr. Tedros Adhanom Ghebreyesus—who makes the final decision about whether to end the global health emergency, no matter the committee’s recommendation—this week said he is “very concerned” about a rising number of global COVID-related deaths. The US alone is averaging more than 500 deaths per day. The meeting comes as China is experiencing the largest COVID-19 outbreak in the world, raising fears that a new variant of concern could emerge, factors that could influence the committee’s recommendations and Dr. Tedros’s decision.

Notably, there are no guidelines to determine when or how a PHEIC declaration should end. To be clear, ending the PHEIC would not mean that COVID-19 no longer poses a global threat nor would it signal the end of the pandemic, as the IHR do not include mechanisms for formally declaring pandemics or their ends. Many experts say the binary nature of the PHEIC mechanism needs to be reviewed and reformed to better achieve its intended goal of helping to coordinate response and policy.

In related news, the WHO this week launched a 2023 health emergency appeal for US$2.54 billion to address an unprecedented number of intersecting health emergencies worldwide, including COVID-19.

US FDA panel considering shift to regular vaccine boosters; many questions, uncertainties remain

As the SARS-CoV-2 virus continues to mutate, researchers and policymakers are evaluating longer-term vaccination strategies to maintain individual- and community-level protection from COVID-19. In the US, the FDA’s Vaccines and Related Biological Product Advisory Committee (VRBPAC) is meeting today (webcast live) to discuss an array of potential options, including vaccines from multiple manufacturers. Following the availability of bivalent booster doses last year, regulatory officials are considering shifts toward regular boosters, administered either annually or biannually, that could include two or more strains of the virus.

These decisions, however, must also account for individuals who have not yet received their initial course of vaccination, including many infants and young children. Another major concern is the safety and effectiveness of multi-valent boosters, especially the relative benefits and risks for different age groups and other subpopulations. The timing of doses is also a major point of debate. Regulators and health officials will need to walk a fine line between maintaining a high degree of protection, providing significant added benefit from each dose, and establishing a schedule that the public can understand and is willing to follow. And the same schedule may not be appropriate for people with varying degrees of risk. Early studies have yielded mixed results across these areas of concern, and some experts question the value of annual boosters or acknowledge the considerable uncertainty that remains, and research is still ongoing to provide the necessary data.

This week, the UK government announced that it will offer another round of SARS-CoV-2 vaccine booster doses this autumn for those at higher risk of severe COVID-19, based on recommendations from its Joint Committee on Vaccination and Immunisation (JCVI). JCVI also indicated that an additional booster dose for those individuals at greatest risk, such as older adults or those with compromised immune systems, may be recommended for this spring, and plans for the spring 2023 vaccination program will be announced soon.

Two new studies provide evidence bivalent boosters increase protection against Omicron subvariants compared to original vaccines, boosters

Part of the efforts to evaluate longer-term SARS-CoV-2 vaccination strategies necessitates understanding the safety and effectiveness profiles of the recent bivalent booster doses. Two studies published this week offer additional insight into the protective value of these boosters. Both studies provide evidence that bivalent boosters provided increased protection against Omicron subvariants compared to monovalent vaccines and boosters, at least in the short term.

A study conducted by researchers in North Carolina—published as a correspondence in NEJM—evaluated bivalent mRNA vaccine boosters’ effectiveness against severe COVID-19 disease caused by several Omicron subvariants (BA.4.6, BA.5, BQ.1, and BQ.1.1). Based on data from more than 1 million individuals who received bivalent boosters, followed over a 99-day period after vaccination, they estimated the boosters’ effectiveness against hospitalization or death to be 54.0% as the first booster dose*, 64.0% as the second booster dose, and 63.1% as the third booster dose. Across all measured outcomes, the bivalent boosters consistently outperformed monovalent boosters by more than 30 percentage points (pp)**, including in older adults—+37.8pp against hospitalization and +41.2pp against hospitalization or death.

*Marginally not statistically significant (CI: -.03-78.9%).

**Mix of statistically significant and non-significant results.

A study led by the US CDC’s National Center for Immunization and Respiratory Diseases—published in the CDC’s MMWR—evaluated the effectiveness of bivalent mRNA vaccine boosters in preventing symptomatic COVID-19 disease caused by the Omicron BA.5 and XBB/XBB.1.5 sublineages, compared to full vaccination and/or boosting using only the original monovalent vaccines. The study involved data from nearly 30,000 PCR-based SARS-CoV-2 tests conducted among persons with COVID-like illness symptoms at US pharmacies from December 1, 2022, to January 13, 2023. The researchers estimated the bivalent boosters’ additional effectiveness against the BA.5 subvariant to be 52% higher among adults aged 18-49 years, 43% higher in adults aged 50-64 years, and 37% higher among adults 65 years and older. Against the XBB sublineages the bivalent boosters outperformed the monovalent vaccines by 49% among adults aged 18-49 years, 40% in adults 50-64 years, and 43% in adults aged 65 years and older, again with some evidence of waning protection by 2-3 months. Notably, these are some of the earliest data available on protection against XBB subvariants, and the study provides a near-real-time assessment of recent vaccinations.

Number of US cardiovascular deaths rose during pandemic’s first year prior to vaccine availability, especially among some populations

Deaths due to cardiovascular disease (CVD) rose substantially during 2020—the first year of the COVID-19 pandemic and prior to the availability of vaccines—representing the largest single-year increase since 2015 and surpassing the previous single-year total set in 2003, according to new data from the American Heart Association. Notably, the age-adjusted mortality rate increased for the first time in many years, by 4.6%, and the largest overall number of CVD-related deaths were seen among Asian, Black, and Hispanic populations, some of which have been disproportionately impacted by COVID-19.

The COVID-19 pandemic has had both direct and indirect impacts on cardiovascular health. Importantly, infection with SARS-CoV-2 is associated with new-onset clotting and inflammation in some people. According to a study recently published in Cardiovascular Research, COVID-19 disease—including post-COVID conditions commonly known as long COVID—is associated with increased short- and long-term risks of CVD and death from any cause. Additionally, during the beginning months of the pandemic especially, people with new or existing risk factors for CVD outcomes, such as heart disease, hypertension, or stroke symptoms, were reluctant or unable to access medical care. A recent study published in Nature Medicine estimates that the interruption of preventive care could result in more than 13,000 extra cardiovascular events in the UK. Some people are leveraging the association between CVD and COVID-19 to create and spread misinformation surrounding sudden deaths and injuries and vaccine safety, despite a lack of scientific evidence supporting their claims.

Papers, meetings evaluate pandemic-related public health measures

Gaining insight into the effectiveness and impacts of how various nations and institutions responded to the COVID-19 pandemic will provide lessons for future pandemic preparedness and public health measures. Several recent papers and meetings attempt to evaluate these measures, coordinate their use, and identify challenges for future events.

  • A paper from the OECD published January 21 draws lessons and provides a synthesis of evidence from 67 national government-level evaluations produced in OECD countries during the first 15 months of the pandemic. Overall, the report finds that pandemic preparedness was insufficient, governments should carefully consider longer-term budgetary costs of actions to mitigate economic and financial pandemic effects, and trust requires transparency and stakeholder engagement, including from the public. The report also notes there is insufficient evidence on critical sectors’ pandemic preparedness and further assessment of lockdowns and restriction measures is needed, including the impact of lockdowns on domestic violence, alcohol consumption, mental health, and youth.
  • A January 20 commentary published in PLOS Global Public Health by an international group of authors proposes a framework to unite scholarship into the institutional, political, organizational, and governance (IPOG) aspects of the COVID-19 response. Politics and governance are influenced by factors such as institutional norms and the structure and functioning of key public health organizations, they note, contending that “COVID-19 has exposed the need to expand, deepen, and sharpen the focus of investigation to explore the intersection of all of these key contextual factors and how they combine to influence outcomes.”
  • An article published January 25 in Scientific Reports aims to explain why models used to project rates of COVID-19 incidence and confirmed cases in the latter part of 2020 were not especially accurate. According to the researchers, "Frequent changes in restrictions implemented by governments, which the modeling team was not always able to predict, in part explains why the majority of model projections were inaccurate compared with actual outcomes and supports revision of projections when policies are changed as well as the importance of modeling teams collaborating with policy experts.”
  • Another article published January 25 in Scientific Reports analyzes COVID-19 community transmission risk associated with US colleges and universities. Contrary to rising public sentiment that younger and less-vulnerable populations act as primary introducers of COVID-19 to communities, the findings show that counties with high university enrollments might adhere more closely to public health and safety measures and vaccinations, potentially contributing to safer communities.

What we’re reading

CORONAVIRUS RESEARCH OVERSIGHT A 64-page report from the US Department of Health and Human Services’ (HHS) Office of Inspector General (OIG) says the US NIH did not sufficiently and effectively monitor grant awards to EcoHealth Alliance, limiting the federal agency’s ability to fully understand the nature of the research being conducted—including research on coronaviruses that might fall under enhanced potential pandemic pathogens (ePPPs)—identify potential problem areas, and take corrective action. The report comes as the National Science Advisory Board for Biosecurity (NSABB) is set to discuss new draft recommendations for biosecurity oversight.

RAPID ANTIGEN TESTS At-home COVID-19 tests, also called rapid antigen tests, remain a useful tool in helping to interrupt transmission of SARS-CoV-2, although they are not foolproof. Both NPR and the New York Times recently published articles discussing the tests’ advantages and disadvantages and how to increase testing accuracy (hint: serial testing). To order tests for home delivery in the US, find at-home tests at retailers and pharmacies, and learn about insurance reimbursement, visit covidtests.gov.

MEDICAID CONTINUOUS ENROLLMENT Between 5 and 14 million US citizens and certain legal immigrants are expected to lose their Medicaid coverage when a pandemic-era provision known as “continuous enrollment” ends on March 31. Of those, the US HHS expects 6.8 million people will lose coverage even though they are still eligible, based on historical trends of paperwork and other administrative hurdles. A new analysis from KFF estimates that about two-thirds of those who are disenrolled likely will experience a period of uninsurance. Disruption in Medicaid or other insurance coverage can lead to delayed or missed care, less access to preventive care, and higher healthcare costs, particularly for chronic health conditions.

YOUTH MENTAL HEALTH & NUTRITION Parents are growing increasingly concerned about young people’s mental health, according to a new report from the Pew Research Center, as children and teenagers continue to struggle with depression and anxiety after returning to in-person schooling following widespread school closures and remote learning during the early months of the COVID-19 pandemic. The isolation of remote learning and other pandemic-related stressors may have strained youth mental health, and some children may have experienced adverse childhood experiences (ACEs), such as abuse, neglect, or violence. One such stressor, food insecurity, is increasing among families due to rising food prices and the winding down of pandemic-era assistance programs providing free school meals.

Epi update

As of January 25, the WHO COVID-19 Dashboard reports:

  • 665 million cumulative COVID-19 cases
  • 6.7 million deaths
  • 1.9 million cases reported week of January 16
  • 33% decline in global weekly incidence
  • 12,937 deaths reported week of January 16
  • 16% increase in global weekly mortality

Over the previous week, incidence declined or remained relatively stable in all WHO regions except the Eastern Mediterranean, which recorded a 54% increase in reported cases.

UNITED STATES

The US CDC is reporting:

  • 101.9 million cumulative cases
  • 1.1 million deaths
  • 332,212 cases week of January 18 (down from previous week)
  • 3,953 deaths week of January 18 (down from previous week)
  • 13.7% weekly decrease in new hospital admissions
  • 15.3% weekly decrease in current hospitalizations

The Omicron sublineages XBB.1.5 (49%), BQ.1.1 (27%), and BQ.1 (13%) account for a majority of all new sequenced specimens, with various other Omicron subvariants accounting for the remainder of cases.

USEFUL EPI GRAPHICS

The following websites provide up-to-date epidemiological information, down to the US county level:

Johns Hopkins University Daily COVID-19 Data in Motion (daily video showing global and US trends)

New York Times Coronavirus in the US: Latest Map and Case Count (US data portrayed in tables, maps, and graphs)

US CDC COVID-19 Integrated County View (click on pulldown menu to view either COVID-19 Community Levels or Community Transmission, as well as other indicators specific to the US)

Friday, January 20, 2023

Constanza Lawsuit appears settled

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JANUARY 20, 2023

Owen Costanza Loses Defamation Lawsuit Against Reporter; Everything Published Was Truthful –

BY JOHN KRAFT & KIRK ALLEN

ON JANUARY 19, 2023

Poplar Grove, IL. (ECWd) –


Click on the following:  Illinois Leaks | Owen Costanza Loses Defamation Lawsuit Against Reporter; Everything Published Was Truthful – (edgarcountywatchdogs.com)


This case was dismissed with prejudice.  This should mean it is over.

Difference between dismissed with or without prejudice

The following question was submitted to John Roska, an attorney/writer whose weekly newspaper column, "The Law Q&A," ran in the Champaign News Gazette.

Question

What does it mean to dismiss a court case because of prejudice? How about voluntary vs. involuntary?

Answer

I think what you mean to ask about is a case being dismissed "with prejudice" or "without prejudice." Those are the formal legal terms for the different ways cases get dismissed. Dismissing a case "because of prejudice" sounds like it got dismissed because of a judge's racism or something like that. This is not true.

In the formal legal world, a court case that is dismissed with prejudice means that it is dismissed permanently. A case dismissed with prejudice is over and done with, once and for all, and can't be brought back to court.

A case dismissed without prejudice means the opposite. It's not dismissed forever. The person whose case it is can try again.

Cases are also dismissed voluntarily, by the person who filed the case, or involuntarily, by a judge. For example, you could file a small claims case and voluntarily dismiss your case either with or without prejudice. You could dismiss with prejudice, if there'd probably be no need to come back to court, because, say, you’ve been paid.  However, if you decided they wanted to sue in regular court because the amount is too much for small claims court, you could voluntarily dismiss your small claims case without prejudice. That would allow you to try your case in regular court. You could even change your mind again and return to Small Claims by reducing your claim.

When cases are dismissed involuntarily, it's by a judge, against the wishes of the person whose case is dismissed. Involuntary dismissals happen when the judge decides the case can’t go forward because of a legal reason. Usually, they're the result of the other side filing a Motion to Dismiss, pointing out those reasons.

When a case is involuntarily dismissed by a judge, it could be with or without prejudice. Often, judges dismiss cases without prejudice, so that the person whose case got dismissed can try again after fixing the problem the other side pointed out.

Sometimes, though, judges dismiss cases with prejudice. Maybe the loser has already had chances to fix their case, and the judge concludes there's no way the case can go forward. But it could be lots of things. The result is that the case is closed. If your case was dismissed with prejudice, it could be appealed to a higher judge, but you can’t start over from scratch and try again.

Last full review by a subject matter expert

July 30, 2021 (from:  https://www.illinoislegalaid.org/legal-information/difference-between-dismissed-or-without-prejudice)

Wednesday, January 18, 2023

Population trends in Illinois—changes in nearby counties



#43. Boone County

- 2010 to 2020 population change: -717
--- #2,344 among all counties nationwide
- 2010 to 2020 percent population change: -1.3%
--- #21 among counties in Illinois, #1,710 among all counties nationwide
- 2020 population: 53,448
--- #25 largest county in Illinois, #943 largest county nationwide


#9. McHenry County

- 2010 to 2020 population change: +1,469
--- #912 among all counties nationwide
- 2010 to 2020 percent population change: +0.5%
--- #14 among counties in Illinois, #1,417 among all counties nationwide
- 2020 population: 310,229
--- #6 largest county in Illinois, #230 largest county in US


#5. Lake County

- 2010 to 2020 population change: +10,880
--- #407 among all counties nationwide
- 2010 to 2020 percent population change: +1.5%
--- #10 among counties in Illinois, #1,247 among all counties nationwide
- 2020 population: 714,342
--- #3 largest county in Illinois, #97 largest county nationwide


48 of 51 Photos in Gallery©Neatpete86 // Wikimedia Commons

#4. DuPage County

- 2010 to 2020 population change: +15,953
--- #336 among all counties nationwide
- 2010 to 2020 percent population change: +1.7%
--- #8 among counties in Illinois, #1,221 among all counties nationwide
- 2020 population: 932,877
--- #2 la



#3. Kendall County

- 2010 to 2020 population change: +17,133
--- #320 among all counties nationwide
- 2010 to 2020 percent population change: +14.9%
--- #1 among counties in Illinois, #229 among all counties nationwide
- 2020 population: 131,869
--- #15 largest county in Illinois, #489 largest county nationwide



#2. Will County

- 2010 to 2020 population change: +18,795
--- #305 among all counties nationwide
- 2010 to 2020 percent population change: +2.8%
--- #5 among counties in Illinois, #1,087 among all counties nationwide
- 2020 population: 696,355
--- #4 largest county in Illinois, #98 largest county nationwide


#1. Cook County

- 2010 to 2020 population change: +80,866
--- #64 among all counties nationwide
- 2010 to 2020 percent population change: +1.6%
--- #9 among counties in Illinois, #1,244 among all counties nationwide
- 2020 population: 5,275,541
--- #1 largest county in Illinois, #2 largest county nationwide

Monday, January 16, 2023

US-China Trade is Close to a Record

Bloomberg

Bloomberg


US-China Trade is Close to a Record, Defying Talk of Decoupling

Story by Daniel Flatley • 33m ago

(Bloomberg) -- Trade between the US and China is on track to break records, a signal of resilient links between the world’s top economies amid the heated national security rhetoric in Washington and fears of “decoupling.”


US government data through November suggest that imports and exports in 2022 will add up to an all-time high, or at least come very close, when the final report comes out Feb. 7. Beijing just published its own full-year figures that show record trade of around $760 billion.

US-China Trade on Track to Break Records | Despite heated rhetoric, trade with China shows no signs of slowing down

US-China Trade on Track to Break Records | Despite heated rhetoric, trade with China shows no signs of slowing down© Bloomberg

There are some caveats. Trade slowed toward the end of the year, as US import demand cooled and China struggled to manage its Covid restrictions. And the trade data isn’t adjusted for inflation, which means higher dollar figures may not translate to more goods shipped.


Still, they’re striking numbers in an era when tough-on-China is the closest thing there is to bipartisan consensus in Washington. They illustrate how deeply entwined the two economies remain — even as the US aims to hold back China’s advance and Beijing seeks to counter Washington’s global influence.

There have been positive signs recently, including the first face-to-face meeting in November between presidents Joe Biden and Xi Jinping, and plans for more high-level connections, including a visit to China this year by Secretary of State Antony Blinken. But it’s unlikely the two will easily resolve their differences, including Beijing’s stance on Taiwan and the South China Sea, as well as Washington’s aggressive drive to restrict Beijing’s access to key semiconductor technology.

‘What Companies Want’

“Can we have this tech war and still have a very robust trading relationship in everything else? My instinct is ‘Yes,’” said David Dollar, senior fellow in foreign policy at the Brookings Institution. “It’s based on economic efficiency, it’s what companies want, it enables them to deliver goods and services to consumers.”

The kind of “draconian decoupling” that some in Washington are advocating would have “a big negative effect on US living standards,” he said. “I just don’t think US policy is going to go down that road, whatever the rhetoric.”

US Advanced-Technology Exports to China |

US Advanced-Technology Exports to China |© Bloomberg

A similar calculus likely applies in China too, where export-led economic growth still holds the key to rising living standards and stability.

That’s why so much trade has survived the tariffs imposed under President Donald Trump, and their continuation during the Biden administration, which has introduced a raft of its own measures aimed at slowing China’s ability to develop advanced semiconductors. Congress also passed legislation to target what lawmakers say are Chinese human rights abuses, and to bolster US chip manufacturing.

‘Existential Threat’

“This is a battle for technology supremacy,” said Mike Burns, a partner at Murray Hill Group, a private-equity and venture-capital firm that focuses on semiconductors. It doesn’t necessarily entail a wider trade rift, he said, because the two countries have different goals – tech leadership for the US, tech autonomy for China – and they’re not mutually exclusive.

But there is a risk that they end up on collision course, Burns said: “The US has to be careful that in protecting its leadership, it does not create an existential threat to China by eliminating their ability to move toward semiconductor independence.”

The increasing political tension over recent years may have had more impact on fixed-capital flows than on trade.

Investments by US Firms in China Plateaued, Then Fell | Flows have shrunk even as China's economy kept expanding

Investments by US Firms in China Plateaued, Then Fell | Flows have shrunk even as China's economy kept expanding© Bloomberg

US companies have slowed new investments in China. For many, “the risk/reward calculation has tilted against continuing to operate in China,” said Thilo Hanemann, who tracks US-China direct investment for the Rhodium Group.

Businesses are concerned about the growth outlook for China itself, as well as the rising geopolitical tensions, he said. “We are definitely seeing evidence that investors are withdrawing.”

Rhetoric and Reality

Some are relocating to places like Vietnam and Mexico, which could help those countries grab a bigger share of the US import pie at China’s expense – although Chinese firms may also find ways to operate in those economies, and keep selling to the US.

Meanwhile, Chinese investment in the US has slowed dramatically since a surge in the mid-2010s. Hanemann attributes that peak to a tweak in Chinese law around 2014, which gave domestic firms more freedom to pursue projects abroad, and resulted in a glut of purchases of US companies and real estate.

Still, there are plenty of large companies with big capital investments in China that are showing signs of staying for the long haul — and plenty of global firms willing to keep plowing money in.

Foreign Direct Investment in China Continues to Grow | Countries around the world are continuing to invest in China

Foreign Direct Investment in China Continues to Grow | Countries around the world are continuing to invest in China© Bloomberg

“The rhetoric around decoupling continues to outpace the reality,” said Ali Wyne, a senior analyst at Eurasia Group and author of a recent book on the US-China relationship. The US and China “will find it difficult, if not impossible, to sever their economic linkages entirely.”

--With assistance from Alex Tanzi and James Mayge