The uninsured fee within the US fell through the Covid pandemic, Medicaid and Obamacare protection elevated

The number of people in the US without health insurance fell during the Covid-19 pandemic, even as millions lost insurance coverage from their employers due to layoffs.

The US uninsurance rate for people under 65 has fallen from 11% in 2019 to 10.5% in 2021, according to a report released Friday by the Department of Health.

By the first quarter of 2022, the uninsured rate had fallen to an all-time low of 8%, according to the report. It then rose slightly to 8.6% in the second quarter of 2022, HHS said.

The uninsured rate declined despite a huge spike in unemployment in early 2020, leading to an estimated 1.6 million to 3.3 million people losing insurance coverage from their employers, according to HHS.

But pandemic health policies have created a safety net for people who have lost their private coverage and made it easier for them to find insurance.

Congress essentially banned states from throwing people off Medicaid during public health emergencies in exchange for more funding for the states. As a result, Medicaid enrollments increased by more than 20 million from February 2020 to September 2022.

But that Medicaid protection is about to end. It is expected that millions of people will lose the insurance coverage they have acquired through the program. Federal spending laws passed by Congress in December allow states to begin throwing people out of Medicaid in April if they no longer meet eligibility requirements.

HHS has estimated as many as 15 million people could lose Medicaid if pandemic-era protections are shut down and the program returns to normal operations. Many of these individuals are expected to move to cover the Obamacare marketplace.

Enrollment in Obamacare through the marketplaces has also increased during the pandemic, according to HHS, due to a special enrollment window in 2021, expanded tax credits, and more means to reach out to beneficiaries.

Nearly 16 million people signed up during the current signup period, a 13% increase from last year. Three million of them will be covered via the marketplace for the first time. The current open registration period ends on Sunday.

HHS estimates for the 2019-2021 uninsured are based on data from the American Community Survey, which collects information from 3.5 million US households. The 2022 estimates come from the National Health Interview Survey, which uses a much smaller sample of more than 17,000 people.

Outraged George Santos voters promise to make his life a nightmare till he resigns

Voters rallied outside Rep. George Santos’ (R-NY) alleged office in Queens, NY, pledging to make his life a nightmare until he resigns.

“I’m here to remind you George that we’re going to make every single day in this neighborhood a living nightmare for you until you find us” – Rally outside supposedly o
Queens office of George Santos, calls for his resignation #whereisgeorge pic.twitter.com/9gzJf4kugj

β€” Oliya Scootercaster πŸ“½οΈ (@ScooterCasterNY) January 13, 2023

One of the speakers said Santos believes “he will weather the storm and these two years will be a breeze. I’m here to remind you George, this is going to make every single day in this neighborhood a living nightmare until you find us… George Santos, who we know doesn’t live here, but what George Santos doesn’t know, the people of Long Island don’t give up easily. We will not just turn around and accept the fact that our congressman is a fraud, a liar, and a cheat. We are not giving up easily and will continue to unite as Republicans and Democrats to hold him accountable, to challenge him and to make every single day a living nightmare until he does the right thing and resigns.”

George Santos voters are doing what Speaker Kevin McCarthy refuses to do. They urge Santos to resign. McCarthy will not take a stand and will refuse to put Santos on committees because he needs his vote. If McCarthy told Santos to hit the bricks and deny him committee jobs, he could lose 25% of his House majority.

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The people of Santos’ district are angry that they have been betrayed, and if House Republicans don’t act, they will.

Jason is the managing editor. He is also a White House press pool and congressional correspondent for PoliticusUSA. Jason has a bachelor’s degree in political science. His thesis focused on public policy with a specialization in social reform movements.

Awards and professional memberships

Member of the Society of Professional Journalists and the American Political Science Association

Gabriella Brooks’ birthday put up for Liam Hemsworth catches fireplace

Gabrielle Brooks celebrates friend Liam Hemsworth33rd birthday like a real winner.

The model posted a Hunger Games snap to her Instagram Story on Jan. 13, showing Liam taking a dip in the sea while flashing a smile for the camera.

Per People, Gabriella captioned the photo with a smiley face, “It’s Liam Day.”

The photo comes a day after the publication of Miley Cyrus‘ breakup song “Flowers,” which appears to refer to Liam four years after their split.

Liam and Gabriella, 26, first sparked romance rumors in December 2019 when he was photographed introducing her to his parents. Craig Hemsworth and Leonie Hemsworth, in Australia. An insider told E! News at the time that the meeting “seemed like a happy, family environment.”

More than a year later, they made their relationship official on Instagram in June 2021 β€” although the two had been spotted kissing by the sea on several occasions.

Wait earlier than buying and selling company income

CNBC’s Jim Cramer on Friday warned investors not to make trading decisions right after a company’s earnings report.

Stocks staged a comeback on Friday after initially falling on earnings reports and recession warnings from major banks. All three major indices ended the week higher as investors processed a slew of earnings reports and economic data that suggested inflation was cooling.

Cramer, who offered investors a set of earnings-season guidelines earlier this week, cited Friday’s trading session as an example of why investors should be disciplined with their portfolios.

“Every quarter I make the same argument about waiting and working more before pulling the trigger, but a lot of people aren’t convinced yet,” he said.

He also went through next week’s quarterly reports. All revenue, revenue and economic data estimates are from FactSet.

Tuesday: Goldman Sachs, Morgan Stanley, United Airlines

Goldman Sachs

  • Q4 2022 results release at 7:30am ET; Conference call at 9:30 a.m. ET
  • Estimated earnings per share: $5.56
  • Estimated Revenue: $10.76 billion

The company’s stock could surge higher if the earnings report beats expectations, he said.

MorganStanley

  • Q4 2022 results release at 7:30am ET; Conference call at 8:30 a.m. ET
  • Estimated earnings per share: $1.29
  • Estimated Revenue: $12.54 billion

Cramer said he expects a ‘great’ report from the bank.

United Airlines

  • Q4 2022 results release at 4:30pm ET; Conference call Wednesday at 10:30 a.m. ET
  • Estimated earnings per share: $2.11
  • Estimated Revenue: $12.23 billion

The company will come up with big numbers as consumers continue to spend on travel, he predicted.

Wednesday: JB Hunt Transport, Alcoa

JB hunting transport

  • Q4 2022 earnings release before the bell; Conference call at 9 p.m. ET
  • Estimated earnings per share: $2.45
  • Estimated Revenue: $3.83 billion

Cramer said he will be on the lookout for signs of a slowdown in trading.

Alcoa

  • Q4 2022 results release at 4:10 p.m. ET; Conference call at 5:00 p.m. ET
  • Estimated loss: 69 cents per share
  • Estimated Revenue: $2.65 billion

The metals β€œhave become insane stock breeders. … The aluminum company knows if the metals movement is just a pressure point or the real deal with actual demand,” he said.

Thursday: Procter & Gamble, Netflix

Procter & Gamble

  • Q2 2023 results release at 6:55am ET; Conference call at 8:30 a.m. ET
  • Estimated earnings per share: $1.58
  • Estimated Revenue: $20.70 billion

He said he expects the company to report a solid quarter as raw costs fall and FX market headwinds ease.

Netflix

  • Q4 2022 results release at 4:00 p.m. ET; Conference call at 6:00 p.m. ET
  • Estimated earnings per share: 58 cents
  • Estimated Revenue: $7.84 billion

“I think Netflix could be one of the strongest stories out there,” he said.

Friday: SLB

  • Q4 2022 results release at 7:00 am ET; Conference call at 9:30 a.m. ET
  • Estimated earnings per share: 68 cents
  • Estimated Revenue: $7.78 billion

β€œSLB will tell us where the new finds are. You will play with an open hand. I bet you they also give you a little update on Russia,” he said.

Disclaimer: Cramer’s Charitable Trust owns shares in Morgan Stanley and Procter & Gamble.

Cramer's game plan for the trading week of January 16th

Jim Cramer’s Guide to Investing

Click here to download Jim Cramer’s Guide to Investing free to help you build long-term wealth and invest smarter.

Pfizer Covid Booster Probably No Stroke Danger for Seniors: CDC

The Centers for Disease Control and Prevention said Friday it was “very unlikely” that Pfizer’s Omicron booster posed a risk of stroke for seniors after they opened an investigation into a preliminary safety issue found by one of their surveillance systems would.

The CDC said in a statement posted on its website Friday that a monitoring system called Vaccine Safety Datalink has identified a possible risk of stroke in people aged 65 and older who received the Pfizer booster shot against the Omicron-Covid variant . A CDC spokesman said this problem was first discovered in late November.

In mid-December, the CDC concluded that the concern persists and launched an investigation into whether seniors are more likely to have a stroke in the first 21 days after receiving the Pfizer booster shot, the spokesman said. A similar preliminary signal was not detected for the Moderna booster.

The VSD surveillance system found that 130 people ages 65 and older had a stroke within 21 days of receiving Pfizer’s Omicron booster, among about 550,000 seniors who received the vaccine, the CDC spokesman said. No deaths were reported. The Washington Post previously reported on it.

According to the CDC, no other monitoring system has previously identified similar safety concerns for the Pfizer booster. Investigators, after reviewing data from the Center for Medicare and Medicaid Services, the Department of Veterans Affairs, the Vaccine Adverse Reporting System and Pfizer’s Global Safety Database, found no increased risk of stroke after the Pfizer booster shot.

“Although the body of data currently suggests that it is very unlikely that the signal in VSD poses any real clinical risk, we believe it is important to share this information with the public, as we have done in the past When it comes to our safety, surveillance systems detect a signal,” the CDC said in the post on its website.

According to the CDC’s Friday statement, the surveillance systems often detect safety signals stemming from factors other than the vaccine. The agency spokesman said investigators hope to have a clearer picture and more data in the coming weeks.

The investigation will be discussed at an upcoming meeting of the Food and Drug Administration’s Panel of Independent Vaccine Experts on Jan. 26.

In a statement Friday, Pfizer said there was no evidence that ischemic stroke was linked to the company’s Covid vaccine. Neither Pfizer and its German partner BioNTech, nor the CDC nor the FDA have observed such an association in numerous other surveillance systems in the United States and around the world, company spokesman Kit Longley said.

“Compared to the published incidence rates of ischemic stroke in this elderly population, the companies have seen a lower number of reported ischemic strokes after vaccination with the omicron BA.4/BA.5-adapted bivalent vaccine,” Longley said.

The CDC has not changed its recommendation for Pfizer’s Omicron shot. Everyone from the age of 5 is entitled to the booster vaccination after completing their basic series of vaccinations. The youngest children, aged 6 months to 4 years, receive the Omicron shot as the third dose of their primary series.

The US Chamber of Commerce is threatening to sue the FTC over the proposed ban on non-compete clauses

A signage is seen at the Chamber of Commerce building in the borough of Manhattan in New York City, New York, the United States, April 21, 2021.

Andrew Kelly | Reuters

A major business group has pledged to sue the Federal Trade Commission if it responds to a proposal to ban non-compete clauses in employment contracts — an issue lawmakers have bipartisan support for.

The U.S. Chamber of Commerce, which represents about 3 million companies, stands ready to sue if the FTC continues to push for a proposal that would ban companies from imposing non-compete clauses on workers, President and CEO Suzanne P. Clark told reporters Thursday. The organization is the largest US corporate trading group and spent nearly $60 million lobbying lawmakers in the first three quarters of last year, according to nonpartisan campaign finance watchdog Open Secrets.

The board called the proposal “manifestly unlawful” and ignored applicable state law, where “non-compete agreements are an important tool to foster innovation and safeguard competition.” According to the FTC, the change would increase workers’ wages by about $300 billion a year.

The organization has also vowed to lobby Congress to limit some of the FTC’s regulatory activities through the resource allocation process, said Neil Bradley, executive vice president, chief policy officer and head of the U.S. chamber’s strategic advocacy group.

The non-compete ban is “clearly an authority that (the FTC doesn’t have) and no one ever thought they had,” Bradley said. “These are things we can try to reach a bipartisan agreement on to get the authors of the funds to limit authority.”

The agency’s premise — that it can eliminate non-competition clauses under Section 5 of the FTC Act, which prohibits unfair practices in competition — is something most legal observers don’t think is possible, Bradley said.

“That’s why the states regulated it. And until Congress changes that, it’s really important if… you believe in the rule of law that at least federal agencies obey the law. And that’s not legal no matter how you spell it,” Bradley said.

Lifting non-compete obligations could also jeopardize business innovation, Clark said, by jeopardizing the “disclosure” of former employees who voluntarily transfer to another company.

The US Chamber is no stranger to challenging federal agencies that it believes have exceeded their authority in court. She filed a lawsuit against the FTC as well as the Securities and Exchange Commission and the Consumer Financial Protection Bureau last year.

But their mission to counter the FTC’s power could face an uphill battle in the House, where the chamber has fallen out of favor with Republican leaders, including new House Speaker Kevin McCarthy, R-Calif, after they won the had supported the so-called guard policy. Last summer, McCarthy said he wouldn’t even meet with the group if he won speakership, according to Axios.

The proposal to ban non-competition clauses has also already been discussed in the Senate. A 2021 bill introduced by Sen. Chris Murphy, D-Conn., to eliminate her under certain conditions received bipartisan support from fellow Republican sponsors, Sens. Todd Young of Indiana and Kevin Cramer of North Dakota.

At the time, Young said removing non-compete clauses would give Americans “the utmost flexibility in finding and securing jobs” during the pandemic.

“Non-compete clauses stifle wage growth, career advancement, innovation and business creation,” he said.

Bradley said working with Congress to limit the FTC’s powers will be a “tough challenge” when President Joe Biden is in office and Democrats are in control of the Senate.

“We’re going to work all the angles, we’re not putting all our eggs in the middle…basket,” he said. “We are already engaged in litigation and we will be engaged in future litigation against the FTC.”

Why Singapore would not single out China

Singapore’s Health Minister Ong Ye Kung told parliament on Monday that the government is not imposing any new restrictions on travelers from China because limited flight capacity combined with its current border policy has resulted in few imported cases — and even fewer severe cases — from China came .

Ong said the government is “very aware” that some Singaporeans are concerned that an influx of visitors from China could lead to a spike in infections.

But he said travel between Singapore and China is “very low” – with fewer than 1,000 people arriving from China every day.

“Up to now, we operate 38 weekly flights from China to Singapore, compared to around 400 flights before Covid,” he said.

Ong acknowledged that a new, more dangerous variant could emerge from China as the virus spreads through its population of 1.4 billion, but said that has not happened so far.

With comprehensive vaccination protection, we can treat Covid-19 as a widespread disease.

Ong Ye Kung

Singapore Health Minister

Ong said Singapore is monitoring this through GISAID, a non-profit organization which he said receives virus sequencing data from authorities in major Chinese cities and provinces such as Beijing, Shanghai and Sichuan, which is processed at GISAID’s Singapore office.

Although there are “gaps in the data,” Ong said, “the data so far show that the epidemic in China is driven by known variants circulating in other regions of the world” β€” namely BA.5.2 and BF.7.

The current rules apply

So far, more than a dozen countries have announced new rules for visitors from China. But Ong said Singapore has not done so because it has already put in place effective border measures.

“Many countries have dismantled all their border measures,” he said. “Singapore … has maintained relevant measures precisely because we foresaw these risks.”

Singapore’s Health Minister Ong Ye Kung attends a meeting at the G-20 summit in Bali, Indonesia, Oct. 27, 2022.

Sonny Tumbelaka | AFP | Getty Images

He said that although “many Singaporeans have forgotten”, all travelers must be either fully vaccinated or tested negative for Covid before entry, which is the same requirement Spain recently announced for travelers from China.

While South Korea has reported that up to 80% of its imported cases are from China, Ong said that in December less than 5% of Singapore’s imported cases – about 200 people – were from China, while “ASEAN countries account for over 50% .”

In the same month, seven imported cases became seriously ill, and only one came from China, he said.

“Most were Singaporeans returning from those countries and regions,” he said. “These aren’t big numbers, so the impact on our healthcare system has been very small.”

Singapore’s ‘biggest concern’

The government’s “biggest concern” is the emergence of a new, more dangerous variant that could evade vaccine protection – “a nightmare variant [that] can almost drop us back to first place,” said Ong.

In this case, “we may have to reintroduce measures such as strict border controls, quarantine for travelers, social restrictions, including limiting group sizes, until a new and effective vaccine is developed.”

To monitor this, Singapore will remain connected to the “global surveillance system,” he said.

Ong said the other main concern is protecting Singapore’s healthcare system. He said infections were the government’s main concern in the early stages of the pandemic, but since vaccines have been rolled out, it is now focusing on serious infections.

He said 60% of people aged 18 and over were up to date with their vaccinations by the end of 2022.

“Over the past 30 days, the number of Covid-19 patients in intensive care has been in the low single digits,” he said. “Therefore, with comprehensive vaccine coverage, we can treat Covid-19 as an endemic disease.”

Why other rules might not work

Ong questioned the effectiveness of some travel rules imposed on Chinese travelers:

  1. PCR tests on arrival “are late because travelers are already within your borders” and they are sensitive, meaning they “reveal large numbers of positive cases from countries that are experiencing or have just experienced a big wave “. as recovered travelers can shed dead virus fragments for weeks.
  2. Waste water tests from airplanes rely on solid waste, which will be of limited use as the flight time from China to Singapore is not that long.
  3. Pre-departure testing “may be useful… [to] reduce the number of imported infections”, but the low volume of travel between Singapore and China β€œmore restricts the number of imported infections”.

Ong added that if Singapore tested all travelers from China, it would raise questions about travelers from other regions, contributing to more infections and severe cases.

Ong called Covid outbreaks “the new norm” and said: “Today it’s China, tomorrow another region.”

Roslan Rahman | AFP | Getty Images

β€œAlso by triggering [pre-departure tests] to travelers from a part of the world with high infection rates, are we contributing to an international precedent of testing being imposed on travelers from countries experiencing a surge in infection?”

Ong added, “How will other countries treat travelers from Singapore if we encounter another wave of infections?”

“We do not discriminate”

Increasing flights with China

Singapore appears to have remained in the favor of the Chinese government and its residents. Rein said Chinese travelers are now going to both Singapore and Thailand because “both countries welcome us.”

Singapore Airlines resumed passenger service from Singapore to Beijing in late December. Initially, the service will only run twice a month.

However, flights between Singapore and China account for “less than 10% of the number of pre-Covid flights” – accounting for about 1.5% of Singapore’s Changi Airport’s total flights, Singapore’s Transport Minister S Iswaran said on Monday.

Overall, passenger traffic and weekly flights at Changi Airport have returned to 80% of pre-pandemic levels, he said.

“Singapore and Chinese airlines have requested to operate more flights between the two countries,” Iswaran said, adding that the government was taking a “careful and calibrated” approach to restoring air connectivity with China.

Currently, more than 60% of Singapore citizens arriving from China are permanent residents or long-term passport holders, Iswaran said.

“China’s opening up to the world is great news that we look forward to,” Ong said, adding that the government will carefully adjust travel volumes “at least until the wave of infections in China has subsided significantly.”

Loc’d execs shut down Kenyan ‘anti-black’ politician

In response to a Kenya-based politician’s negative comments about people in locs, Twitter users came out to end the hate!

George Peter Kaluma destroys Locs and stands 10 toes down

The conversation began after George Peter Kaluma, a member of the Kenyan Parliament, sent a note to students at Kenya Methodist University earlier this year.

In particular, the letter – sent by the dean of studies – was intended to “encourage all students to adopt a style of dress and appearance that would be acceptable in the various fields of work and in society in general”.

The very first topic covered was ‘Rasta/Dreadlocks’ as the Dean encouraged students to ‘wear properly groomed hair’.

Kaluma clearly agreed, tweeting the notice and adding, “This should be enforced by all universities and educational institutions.”

As justification, Kaluma explained that the institutions “educate leaders in various areas, not prostitutes!”

This should be enforced by all universities and educational institutions.
We train leaders in various fields, not prostitutes! pic.twitter.com/bVwkmPGQH2

β€” Hon. George Peter Kaluma (@gpdkaluma) January 8, 2023

After the tweet gained momentum, one user called it “very trivial.” He also asked, “What’s wrong with dreadlocks?”

Kaluma, in turn, dug himself in an even deeper hole, writing, “Imagine your doctor, lawyer, engineer in dreadlocks.”

Imagine your doctor, lawyer, engineer in dreadlocks πŸƒπŸƒ

β€” Hon. George Peter Kaluma (@gpdkaluma) January 8, 2023

Black Twitter completely shuts down the politician

Kaluza’s second tweet in particular drew a lot of attention, sparking a trend of people showing off their locs while discussing their professional accomplishments.

How can you imagine that??? 🫠🫠 https://t.co/gPCi1r9abi pic.twitter.com/bWvPcTdxmz

β€” Cynthia (@telu__) January 11, 2023

Qualified Security and Computer Forensics Engineer + creative. .
Imagine ! With dreadlocks and lots of tattoos. . 🀷 https://t.co/sppdVKRqam pic.twitter.com/BH7noPmyfI

β€” HR The Messenger (@Hi_Renaissance) January 12, 2023

Oh, that’s fun… I want to join

– Award-winning diversity and inclusion advocate
– Recognized industry changemaker
– co-founder
– SEO and content strategist
– Global Spokesperson
– Award show judge
– Nominated for Outstanding Leadership Award

In locs πŸ’–πŸ’–πŸ’– https://t.co/cAFULPm57D pic.twitter.com/bGDJNBXewn

β€” #CubicZarcarbium (@RejiYates) January 12, 2023

I ran the largest impact consulting firm in the world. Have sat with heads of state. Communicates with big heads. Led pivotal conversations about the future of humanity. Created programs that change the lives of millions.

And all this with dreads on his head. https://t.co/RUJsg2VUG7 pic.twitter.com/AsNQEag3Ga

β€” Lorna’s husband (@edwin_macharia) January 12, 2023

Is no longer a dream https://t.co/sqR9IYFPOq pic.twitter.com/DeGftnOZ1N

β€” El wachira (@elwachira1) January 12, 2023

No need to introduce yourself:

Image 1: Me with locs giving my graduation speech
Image 2: I address the United Nations with Locs
Image 3: I am called into the bar with Locs (I am a lawyer).
Pic 4: Me with locos performing royal duties for HRM Queen Elizabeth https://t.co/E4RcGyZP6O pic.twitter.com/huVRJvLoik

β€” Z completegy diggy dung dey 🎢 (@Z_black_one) January 12, 2023

The tweet was also labeled “anti-black,” while others poked fun at the absurdity of Kaluma’s statement.

This tweet is anti-black

β€” Jay D Cartere (@JayCartere) January 10, 2023

Check out the anti-blackness here smh https://t.co/GUbhBb0XxH

β€” Matthew A Cherry (@MatthewACerry) January 12, 2023

I guess that’s what you call looking neat and professional. πŸ™„

β€” La Donna (@SweetThangoxox) January 12, 2023

A respected legislator should be able to analyze and contribute content on morality issues without profiling people on the basis of backward opinions. There is absolutely nothing wrong with dreadlocks. What if we start profiling you in relation to the many child support cases you have in court?

β€” Booker Ngesa Omole ☭ (@BookerBiro) January 11, 2023

One person proceeded to paint Locs on Kaluma’s photo. Kaluma in turn replied, saying, “Ladies are cool in locks, not men, Pthoo!” Dreads take male pep and make men look feminine!”

Ladies are cool in curls, not men pthoo! Dreads take away male pep and make men look effeminate!

β€” Hon. George Peter Kaluma (@gpdkaluma) January 12, 2023

While Kaluma appears to be standing firm, his sentiment has definitely been drowned out by pride, love, and support.

Call out to the lunatics out there proudly rocking their locos and never let anyone tell you your crown is unprofessional!

South Koreans spend essentially the most cash on luxurious items on this planet

Handbags displayed in a Chanel SA shop window at Avenuel department store owned by Lotte Shopping Co Ltd on Tuesday December 14, 2021. operates in Seoul, South Korea.

SeongJoon Cho | Bloomberg | Getty Images

From Italian calfskin Prada bags to classic checked British Burberry trench coats, South Koreans spend the most money on personal luxuries per capita in the world, Morgan Stanley said.

The investment bank estimates that South Korea’s total spending on personal luxuries rose 24% in 2022 to $16.8 billion, or about $325 per capita. That’s far more than the $55 and $280 per capita that Chinese and American nationals spend, Morgan Stanley estimates.

Luxury brands have also highlighted strong sales in Korea.

Moncler said its revenue in South Korea “more than doubled” in the second quarter compared to before the pandemic. Cartier-owner Richemont Group said Korea was among regions where sales grew double-digit in 2022 compared to a year and two years ago.

While Prada said lockdowns in China contributed to a 7% decline in retail performance in 2022, the fashion house said the decline was “mitigated by strong performance in Korea and Southeast Asia.”

Signs of financial success

Morgan Stanley analysts explained that demand for luxury goods among South Korean buyers is being driven by both an increase in purchasing power and a desire to show social standing to the outside world.

“Appearance and financial success may resonate more with consumers in South Korea than in most other countries,” analysts write in the report.

People attending a Gucci pop-up store event in the Gangnam district of Seoul on September 4, 2015

Ed Jones | AFP | Getty Images

Flaunting wealth is also more socially acceptable in Korean society. A McKinsey poll found that only 22% of Korean respondents consider displaying luxury goods to be distasteful, compared to 45% of Japanese and 38% of Chinese.

Demand for luxury goods was also supported by increases in household wealth. Data from the Bank of Korea shows that the country’s household net wealth increased by 11% in 2021. About 76% of household wealth in Korea is real estate, which prices have increased significantly since 2020.

The investment bank also noted that luxury houses have been tapping into Korean icons to further fuel demand.

“Almost all major Korean celebrities are brand ambassadors for leading luxury houses,” the report says, such as Fendi and actor Lee Min-Ho, or Chanel and rapper G-Dragon.

Dior made Blackpink singer Rose the face of its HardWear collection, which the fashion house said was “very well received” and doubled the line’s sales.

However, Bain & Company cautioned against using per capita metrics for consumption of luxury goods.

“Luxury, by definition, is not a mass-market product,” Bain & Co partner Weiwei Xing told CNBC.

“I would suggest dividing total luxury spending by population starting from the middle class, which would be a more meaningful measure to reflect luxury attitudes and consumption,” Xing said, adding that it would narrow the gap.

A customer carries a Chanel SA shopping bag on Tuesday, December 14, 2021 in Seoul, South Korea.

Bloomberg | Bloomberg | Getty Images

Untapped potential in China

Still, Morgan Stanley said Korea’s thriving luxury market is a “good preview” of what could become of China’s luxury market, which it says is “underdeveloped.” The analysts said the two countries have similarities in attitudes toward luxury items as status markers.

Currently, South Korea’s annual per capita spending on luxury goods is more than six times that of China’s spending.

McKinsey forecasts that the global luxury market will grow between 5% and 10% in 2023, driven by demand from the US and China.

“We expect growth to resume after China recovers from the current Covid waves, which should happen by the first quarter,” Xing said.

Republicans are wrongly calling for a particular counsel to analyze Biden-classified paperwork

Republicans like Senator Josh Hawley (R-MO) continue to purposely overlook the point that the Biden and Trump confidential document cases are not the same.

Hawley tweeted after the news that Biden’s aides had found more secret documents from his vice presidential days at a second location and handed them over to the National Archives:

Special Counsel https://t.co/omuc8YuAz8

β€” Josh Hawley (@HawleyMO) January 11, 2023

As a former Attorney General, Hawley knows what he is promoting is partisan BS.

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Donald Trump took classified documents, lied to the National Archives and the FBI about having them, refused to release them when it turned out he had them, lied about the documents being handed over, resisted efforts to get the documents back, and requested the FBI to confiscate the documents from his property.

President Biden’s team uncovered the classified documents, turned them over to the National Archives, conducted an exhaustive search, found other documents, and turned them over as well.

There would be no special counsel investigating Trump if he did not declare his candidacy to avoid indictment.

The special counsel only became necessary when Trump announced his third presidential candidacy. No special attorney is required until Biden files the paperwork as a 2024 candidate.

Republicans are trying to muddy the waters and push a false equivalency, but people need to be smart and understand that the two situations have little in common outside of basic circumstances.

Jason is the managing editor. He is also a White House press pool and congressional correspondent for PoliticusUSA. Jason has a bachelor’s degree in political science. His thesis focused on public policy with a specialization in social reform movements.

Awards and professional memberships

Member of the Society of Professional Journalists and the American Political Science Association