Greg Abbott Speculates Texas Has Herd Immunity

Gov. Greg Abbott of Texas may have been overly optimistic on Sunday when he said on Fox News that his state could be “very close” to herd immunity — the point where so much of the population is immune to Covid-19, either from being vaccinated or previously infected, that the virus can no longer spread.

“When you look at the senior population, for example, more than 70 percent of our seniors have received a vaccine shot, more than 50 percent of those who are 50 to 65 have received a vaccine shot,” Mr. Abbott, a Republican, told Chris Wallace. Mr. Wallace had asked why statewide infection, hospitalization and death rates were more under control than in other states, in spite of Texas reopening many activities and eliminating mask mandates.

The governor added, “I don’t know what herd immunity is, but when you add that to the people who have immunity, it looks like it could be very close to herd immunity.”

Michael Osterholm, an epidemiologist and director of the University of Minnesota’s Center for Infectious Disease Research and Policy, said, “There is no way on God’s green earth that Texas is anywhere even close to herd immunity.”

Michigan has 22 percent and Minnesota has 24 percent.

Estimates of what it would take to reach herd immunity have edged up since the pandemic began, ranging from requiring immunity in 60 percent to more than 90 percent of the population to halt transmission.

What the level really is, “We don’t know,” Dr. Osterholm said. “Anybody who will tell you exactly what the level of herd immunity is, is also likely to want to sell you a bridge.”

He predicted that within a few weeks or a month, Texas and other parts of the U.S. south and west would see rising case rates like the levels now occurring in the Upper Midwest and Northeast.

the coronavirus variant first identified in Britain and known as B.1.1.7, which is more contagious than the form of the virus that first emerged.

That variant “surely resets the meter” and makes herd immunity harder to achieve, Dr. Osterholm said. Additional variants could further complicate the forecast.

“These variants are game changers,” he said. “They really are. It’s really remarkable.”

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N.R.A. Chief Takes the Stand, With Cracks in His Armor

Mr. LaPierre is seeking to use bankruptcy to help reincorporate the N.R.A. in the more gun-friendly state of Texas, and has already repaid the N.R.A. about $300,000 as he seeks to hold on to his job. Asked if he was disciplined for misspending the money, he said, “Yes, I was disciplined, I paid it back,” suggesting that at the N.R.A., discipline sometimes amounts to paying back money after you are caught.

Whether his bankruptcy gambit will work remains to be seen. To persuade Judge Hale that the N.R.A.’s petition should be rejected during a trial that started last week, lawyers for the attorney general, Letitia James, and for a major creditor — the N.R.A.’s former advertising firm, Ackerman McQueen — presented evidence that they said showed that Mr. LaPierre had sought bankruptcy protection in bad faith.

Proving that a filing was made in bad faith can be difficult because it means showing intent. But Monica Connell, an assistant attorney general, argued that Mr. LaPierre lacked the authority to take the N.R.A. into bankruptcy on his own and had used a “convoluted” ploy to get its board of directors to unwittingly grant the necessary authorization.

Rather than putting a bankruptcy resolution before the board, Ms. Connell said, Mr. LaPierre’s team asked the board to vote on a new employment contract for him. It looked like a reform measure, since it reduced his golden parachute.

But the contract contained an inconspicuous provision giving Mr. LaPierre authority “without limitation” to “reorganize or restructure the affairs of the Association for purposes of cost-minimization, regulatory compliance or otherwise.”

The new contract was first presented to a committee of the N.R.A. board in a closed session on Jan. 7. There weren’t enough copies to go around, and no one could leave with a copy. N.R.A. officials said board members had ample time for review.

By that time, Mr. LaPierre’s main outside counsel, the law firm of William A. Brewer III, had spent months planning the bankruptcy, racking up millions of dollars in legal fees. But no one told the board about that. After the committee emerged from its closed session, the board approved the contract, with little inkling that they had conferred bankruptcy authority on Mr. LaPierre.

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The Traveling Work Diary of a Master Distiller

6:30 a.m. Today, I’m moving bourbon samples out of the private office I’ve been renting at Vuka, a co-working space in Austin. I meant to do it the previous day, but I fell behind schedule after the winter storms closed Texas, and I’ve been busting my butt playing catch-up ever since. Being pregnant also doesn’t help my energy levels.

8:30 a.m. After we take our daughter, Andi, to her nanny’s house, Kevin drives me to Vuka. On the way, I call my distribution partner in Canada to discuss introducing Eaves Blind to that market. We’re having a hard time securing the licenses we need for spirits sales because the tasting program doesn’t meet their government’s standards.

9:30 a.m. Kevin assembles moving boxes, and we pack all 260 samples. I’ve approved various lots for my Tennessee bourbon client, Sweetens Cove, based on six different barrels ranging from three different ages, four to six to 16 years old.

11:30 a.m. We head to lunch at this vegan spot, Casa de Luz, then back home to unpack the remaining spirits, plus my graduated cylinders, beakers, scales and other tools.

1 p.m. Start compiling a long list of to-do items for a Chinese client who is constructing a distillery in Fujian. I’m creating a timeline of everything that needs to happen before they whip up their first run of single-malt products, including equipment cleaning and testing, as well as ingredient sourcing. I also review all of the instrumentation diagrams their Scottish engineering firm provided. I love the technical side of the industry!

3 p.m. Time to pick up the baby. On the way, I call an Australian-based design firm about a collaborative project with Lindsay Hoopes of Hoopes Vineyard in Napa. We discuss names for a smoked brandy we created using grapes affected by the 2017 and 2020 wildfires. I’m excited about the name we all like — it’s sexy and provocative.

4 p.m. Head home for our nighttime routine with Andi — dancing, lots of funny faces, plus some walking and “talking.” She’s got the hard “k” sound down. She tries to say “truck,” “rock” and “duck,” but it just sounds like she’s sitting there cussing.

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Social Media Etiquette Review

Additionally, remember that any message you share, even with close family members, will be amplified to your entire online community. (The tension may also be amplified around vaccines, health measures and the stress of a not-normal year.) If you are replying to your sister online about something, that doesn’t mean you can speak to her as harshly as you might privately. Ms. Gottsman advises taking a heated family debate offline.

“Don’t start a family feud on social media,” Ms. Gottsman said. “It can affect the next family holiday.”

If you are soliciting donations for a particular cause or charity, or asking for money to pay someone’s rent or medical bills with a GoFundMe campaign, recognize that the financial situations of many people have changed this past year and there may be many other appeals compared to times past. Skip shaming phrases, like “How can you not help this person?” Instead, Ms. Gottsman said, use ones like “If your heart moves you, I’m sharing this.”

Think less vigilance is needed, because your text group is small or your settings have been changed to private? Think again. When Heidi Cruz, the wife of Senator Ted Cruz of Texas, shared her family’s plans to flee a devastating winter storm in Texas for a vacation in Mexico, she texted only a small group of neighbors and friends. Screenshots of the messages ended up with journalists. Elaine Swann, an etiquette expert and founder of the School of Protocol in Carlsbad, Calif., points out that it wasn’t just one person who shared the chat with The New York Times; there were others who confirmed it.

“Even if you think it’s just your inner circle, there’s always somebody there who isn’t 100 percent on your team,” she said. “That’s the person who takes the screenshot before you delete whatever it is.”

Posting about food and fitness may be even more tempting than usual, given that a lot of people have changed what they eat and how much they exercise during the pandemic. But confine your commentary to how these lifestyle changes make you feel, not how they make you look. Among other things, not all people have had the luxury of more time to exercise during the pandemic — or if they did, they might not have had the energy to do so.

Dr. Lindsay Kite is a founder of Beauty Redefined, a nonprofit that promotes body image resilience, and an author of “More Than a Body.” She noted that your “before” photo — talking about how fat you look — may be someone else’s “after.”

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Saudi Aramco Sells Oil Pipeline Stake for $12.4 Billion

BJ’s Wholesale Club, died unexpectedly on Thursday of “presumed natural causes,” according to a statement released Friday by the company. He was 49.

“We are shocked and profoundly saddened by the passing of Lee Delaney,” said Christopher J. Baldwin, the company’s executive chairman, said in a statement. “Lee was a brilliant and humble leader who cared deeply for his colleagues, his family and his community.”

Mr. Delaney joined BJ’s in 2016 as executive vice president and chief growth officer. He was promoted to president in 2019 and became chief executive last year. Before joining BJ’s, he was a partner in the Boston office of Bain & Company from 1996 to 2016. Mr. Delaney earned a master’s in business administration from Carnegie Mellon University, and attended the University of Massachusetts, where he pursued a double major in computer science and mathematics.

Mr. Delaney led the company through the unexpected changes in consumer demand spurred by the pandemic, with many customers stockpiling wholesale goods as they hunkered down at home. “2020 was a remarkable, transformative and challenging year that structurally changed our business for the better,” Mr. Delaney said in the company’s last quarterly earnings report.

The BJ’s board appointed Bob Eddy, the chief administrative and financial officer, to serve as the company’s interim chief executive. Mr. Eddy joined the company in 2007 and became the chief financial officer in 2011, adding the job of chief administrative officer in 2018.

“Bob partnered closely with Lee and has played an integral role in transforming and growing BJ’s Wholesale Club,” Mr. Baldwin said. He said that the company would announce decisions about its permanent executive leadership in a “reasonably short timeframe.”

BJ’s, based in Westborough, Mass., operates 221 clubs and 151 BJ’s Gas locations in 17 states.

Revolut’s office in London in 2018. The banking start-up is offering its workers the opportunity to work abroad for up to two months a year.
Credit…Tom Jamieson for The New York Times

Before the pandemic, companies used to lure top talent with lavish perks like subsidized massages, Pilates classes and free gourmet meals. Now, the hottest enticement is permission to work not just from home, but from anywhere — even, say, from the French Alps or a Caribbean island.

Revolut, a banking start-up based in London, said Thursday that it would allow its more than 2,000 employees to work abroad for up to two months a year in response to requests to visit overseas family for longer periods.

“Our employees asked for flexibility, and that’s what we’re giving them as part of our ongoing focus on employee experience and choice,” said Jim MacDougall, Revolut’s vice president of human resources.

Georgia Pacquette-Bramble, a communications manager for Revolut, said she was planning to trade the winter in London for Spain or somewhere in the Caribbean. Other colleagues have talked about spending time with family abroad.

Revolut has been valued at $5.5 billion, making it one of Europe’s most valuable financial technology firms. It joins a number of companies that will allow more flexible working arrangements to continue after the pandemic ends. JPMorgan Chase, Salesforce, Ford Motor and Target have said they are giving up office space as they expect workers to spend less time in the office, and Spotify has told employees they can work from anywhere.

Not all companies, however, are shifting away from the office. Tech companies, including Amazon, Facebook, Google and Apple, have added office space in New York over the last year. Amazon told employees it would “return to an office-centric culture as our baseline.”

Dr. Dan Wang, an associate professor at Columbia Business School, said he did not expect office-centric companies to lose top talent to companies that allow flexible working, in part because many employees prefer to work from the office.

Furthermore, when employees are not in the same space, there are fewer spontaneous interactions, and spontaneity is critical for developing ideas and collaborating, Dr. Wang said.

“There is a cost,” he said. “Yes, we can interact via email, via Slack, via Zoom — we’ve all gotten used to that. But part of it is that we’ve lowered our expectations for what social interaction actually entails.”

Revolut said it studied tax laws and regulations before introducing its policy, and that each request to work from abroad was subject to an internal review and approval process. But for some companies looking to put a similar policy in place, a hefty tax bill, or at least a complicated tax return, could be a drawback.

After its initial public offering imploded, WeWork went public through a SPAC deal.
Credit…Kate Munsch/Reuters

After weeks of wading into the debate over how to regulate SPACS, the popular blank-check deals that provide companies a back door to public markets, the Securities and Exchange Commission is sending its first shot across the bow.

John Coates, the acting director of the corporate finance division at the S.E.C., issued a lengthy statement on Thursday about how securities laws apply to blank-check firms, the DealBook newsletter reports.

“With the unprecedented surge has come unprecedented scrutiny,” Mr. Coates wrote of the recent boom in blank-check deals.

In particular, he is interested in a crucial (and controversial) difference between SPACs and traditional initial public offerings: blank-check firms are allowed to publish often-rosy financial forecasts when merging with an acquisition target, while companies going public in an I.P.O. are not. Regulators consider such forecasts too risky for firms as yet untested by the public markets.

Investors raise money for SPACs via an I.P.O. of a shell company, and those funds are used within two years to merge with an unspecified company, which then also becomes a publicly traded company. Because the deal is technically a merger, it’s given the same “safe harbor” legal protections for its financial forecasts as a typical M.& A. deal. And that’s why there are flying-taxi companies with little revenue going public via a SPAC while promising billions in sales far in the future.

The S.E.C. thinks allowing financial forecasts for these deals might be a problem. They can be “untested, speculative, misleading or even fraudulent,” Mr. Coates wrote. And he concludes his statement by suggesting a major rethink of how the “full panoply” of securities laws applies to SPACs, which could upend the blank-check business model.

If the S.E.C. does not treat SPAC deals as the I.P.Os they effectively are, he writes, “potentially problematic forward-looking information may be disseminated without appropriate safeguards.”

The letter serves as a warning, but perhaps not much else — yet. Unless the S.E.C. issues new rules (as it did for penny stocks) or Congress passes legislation, SPAC projections will continue. But this strongly worded statement could moderate or even mute them.

“The S.E.C. has now put them on notice,” Lynn Turner, a former chief accountant of the agency, said.


Amazon Warehouse Unionization Votes

Either side needed 1,521 votes to win.

A total of 505 ballots were challenged; 76 were void.·Source: National Labor Relations Board

Amazon beat back the unionization drive at its warehouse in Bessemer, Ala., the counting of ballots in the closely watched effort showed on Friday.

A total of 738 workers voted “Yes” to unionize and 1,798 voted “No.” There were 76 ballots marked as void and 505 votes were challenged, according to the National Labor Relations Board. The union leading the drive to organize, the Retail, Wholesale and Department Store Union, said most of the challenges were from Amazon.

About 50 percent of the 5,805 eligible voters at the warehouse cast ballots in the election. Either side needed to receive more than 50 percent of all cast ballots to prevail.

The ballots were counted in random order in the National Labor Relations Board’s office in Birmingham, Ala., and the process was broadcast via Zoom to more than 200 journalists, lawyers and other observers.

The voting was conducted by mail from early February until the end of last month. A handful of workers from the labor board called out the results of each vote — “Yes” for a union or “No” — for nearly four hours on Thursday.

Sophia June and Miles McKinley contributed to this report.

A screenshot of a “vax cards” page on Facebook. 

Online stores offering counterfeit or stolen vaccine cards have mushroomed in recent weeks, according to Saoud Khalifah, the founder of FakeSpot, which offers tools to detect fake listings and reviews online.

The efforts are far from hidden, with Facebook pages named “vax-cards” and eBay listings with “blank vaccine cards” openly hawking the items, Sheera Frenkel reports for The New York Times.

Last week, 45 state attorneys general banded together to call on Twitter, Shopify and eBay to stop the sale of false and stolen vaccine cards.

Facebook, Twitter, eBay, Shopify and Etsy said that the sale of fake vaccine cards violated their rules and that they were removing posts that advertised the items.

The Centers for Disease Control and Prevention introduced the vaccination cards in December, describing them as the “simplest” way to keep track of Covid-19 shots. By January, sales of false vaccine cards started picking up, Mr. Khalifah said. Many people found the cards were easy to forge from samples available online. Authentic cards were also stolen by pharmacists from their workplaces and put up for sale, he said.

Many people who bought the cards were opposed to the Covid-19 vaccines, Mr. Khalifah said. In some anti-vaccine groups on Facebook, people have publicly boasted about getting the cards.

Other buyers want to use the cards to trick pharmacists into giving them a vaccine, Mr. Khalifah said. Because some of the vaccines are two-shot regimens, people can enter a false date for a first inoculation on the card, which makes it appear as if they need a second dose soon. Some pharmacies and state vaccination sites have prioritized people due for their second shots.

An empty conference room in New York, which is among the cities with the lowest rate of workers returning to offices.
Credit…George Etheredge for The New York Times

In only a year, the market value of office towers in Manhattan has plummeted 25 percent, according to city projections released on Wednesday.

Across the country, the vacancy rate for office buildings in city centers has steadily climbed over the past year to reach 16.4 percent, according to Cushman & Wakefield, the highest in about a decade. That number could climb further if companies keep giving up office space because of hybrid or fully remote work, Peter Eavis and Matthew Haag report for The New York Times.

So far, landlords like Boston Properties and SL Green have not suffered huge financial losses, having survived the past year by collecting rent from tenants locked into long leases — the average contract for office space runs about seven years.

But as leases come up for renewal, property owners could be left with scores of empty floors. At the same time, many new office buildings are under construction — 124 million square feet nationwide, or enough for roughly 700,000 workers. Those changes could drive down rents, which were touching new highs before the pandemic. And rents help determine assessments that are the basis for property tax bills.

Many big employers have already given notice to the owners of some prestigious buildings that they are leaving when their leases end. JPMorgan Chase, Ford Motor, Salesforce, Target and more are giving up expensive office space and others are considering doing so.

The stock prices of the big landlords, which are often structured as real estate investment trusts that pass almost all of their profit to investors, trade well below their previous highs. Shares of Boston Properties, one of the largest office landlords, are down 29 percent from the prepandemic high. SL Green, a major New York landlord, is 26 percent lower.

President Biden and Vice President Kamala Harris during a White House appearance on Thursday.
Credit…Amr Alfiky/The New York Times

President Biden proposed a vast expansion of federal spending on Friday, calling for a 16 percent increase in domestic programs as he tries to harness the government’s power to reverse what officials called a decade of underinvestment in the nation’s most pressing issues.

The proposed $1.52 trillion in spending on discretionary programs would significantly bolster education, health research and fighting climate change. It comes on top of Mr. Biden’s $1.9 trillion stimulus package and a separate plan to spend $2.3 trillion on the nation’s infrastructure.

Mr. Biden’s first spending request to Congress showcases his belief that expanding, not shrinking, the federal government is crucial to economic growth and prosperity. It would direct billions of dollars toward reducing inequities in housing and education, as well as making sure every government agency puts climate change at the front of its agenda.

It does not include tax proposals, economic projections or so-called mandatory programs like Social Security, which will all be included in a formal budget request the White House will release this spring.

Among its major new spending initiatives, the plan would dedicate an additional $20 billion to help schools that serve low-income children and provide more money to students who have experienced racial or economic barriers to higher education. It would create a multi-billion-dollar program for researching diseases like cancer and add $14 billion to fight and adapt to the damages of climate change.

It would also seek to lift the economies of Central American countries, where rampant poverty, corruption and devastating hurricanes have fueled migration toward the southwestern border and a variety of initiatives to address homelessness and housing affordability, including on tribal lands. And it asks for an increase of about 2 percent in spending on national defense.

The request represents a sharp break with the policies of President Donald J. Trump, whose budget proposals prioritized military spending and border security, while seeking to cut funding in areas like environmental protection.

All told, the proposal calls for a $118 billion increase in discretionary spending in the 2022 fiscal year, when compared with the base spending allocations this year. It seeks to capitalize on the expiration of a decade of caps on spending growth, which lawmakers agreed to in 2010 but frequently breached in subsequent years.

Administration officials would not specify on Friday whether that increase would result in higher federal deficits in their coming budget proposal, but promised its full budget would “address the overlapping challenges we face in a fiscally and economically responsible way.”

As part of that effort, the request seeks $1 billion in new funding for the Internal Revenue Service to enforce tax laws, including “increased oversight of high-income and corporate tax returns.” That is clearly aimed at raising tax receipts by cracking down on tax avoidance by companies and the wealthy.

Officials said the proposals did not reflect the spending called for in Mr. Biden’s infrastructure plan, which he introduced last week, or for a second plan he has yet to roll out, which will focus on what officials call “human infrastructure” like education and child care.

Congress, which is responsible for approving government spending, is under no requirement to adhere to White House requests. In recent years, lawmakers rejected many of the Trump administration’s efforts to gut domestic programs.

But Mr. Biden’s plan, while incomplete as a budget, could provide a blueprint for Democrats who narrowly control the House and Senate and are anxious to reassert their spending priorities after four years of a Republican White House.

  • Stocks on Wall Street climbed further into record territory on Friday: The S&P 500 index rose 0.8 percent, bringing its gain for the week to 2.7 percent.

  • Shares of Amazon rose 2.2 percent after the company prevailed against a unionization drive at a warehouse in Alabama.

  • The relatively steady gains in the stock market have sent the VIX index, a measure of volatility, to its lowest level since February 2020. The index was below 17 points on Friday. In mid-March, as the pandemic shut down parts of the global economy, the VIX had spiked above 80.

  • The yield on 10-year Treasury notes jumped 4 basis points, or 0.04 percentage point, to 1.66 percent. The yield on 10-year government bonds rose across Europe, too.

  • On Thursday, Federal Reserve chair, Jerome Powell, reiterated his intention to keep supporting the economic recovery The rollout of vaccinations meant the United States economy could probably reopen soon, but the recovery was still “uneven and incomplete,” Mr. Powell said at the International Monetary Fund annual conference.

  • European stock indexes were mixed on Friday, though the Stoxx Europe 600 notched its sixth straight week of gains. The DAX index in Germany rose 0.2 percent after data showed an unexpected drop in industrial production. The FTSE 100 in London fell 0.4 percent.

  • Oil prices fell slightly with futures of West Texas Intermediate, the U.S. crude benchmark, 0.4 percent lower to $59.38 a barrel.

  • Just months after returning to the skies, Boeing’s troubled 737 Max jet is facing another setback. Boeing said Friday that it had notified 16 airlines and other customers of a potential electrical problem with the Max and recommended that they temporarily stop flying some planes. The company refused to say how many planes were affected, but four U.S. airlines said they would stop using nearly 70 Max jets. Boeing would not say how long the planes would be sidelined. The statement comes just months after companies resumed flying the jet, which had been grounded for nearly two years because of a pair of accidents that killed nearly 350 people.

Part of Saudi Aramco’s giant Ras Tanura oil terminal. The company said it would raise $12.4 billion from selling a minority stake in its oil pipeline business.
Credit…Ahmed Jadallah/Reuters

Saudi Aramco, the national oil company of Saudi Arabia, has reached a deal to raise $12.4 billion from the sale of a 49 percent stake in a pipeline-rights company.

The money will come from a consortium led by EIG Global Energy Partners, a Washington-based investor in pipelines and other energy infrastructure.

Under the arrangement announced on Friday, the investor group will buy 49 percent of a new company called Aramco Oil Pipelines, which will have the rights to 25 years of payments from Aramco for transporting oil through Saudi Arabia’s pipeline networks.

Aramco is under pressure from its main owner, the Saudi government, to generate cash to finance state operations as well as investments like new cities to diversify the economy away from oil.

The company has pledged to pay $75 billion in annual dividends, nearly all to the government, as well as other taxes.

Last year, the dividends came to well in excess of the company’s net income of $49 billion. Recently, Aramco was tapped by Crown Prince Mohammed bin Salman, the kingdom’s main policymaker, to lead a new domestic investment drive to build up the Saudi economy.

The pipeline sale “reinforces Aramco’s role as a catalyst for attracting significant foreign investment into the Kingdom,” Aramco said in a statement.

From Saudi Arabia’s perspective, the deal has the virtue of raising money up front without giving up control. Aramco will own a 51 percent majority share in the pipeline company and “retain full ownership and operational control” of the pipes the company said.

Aramco said Saudi Arabia would retain control over how much oil the company produces.

Abu Dhabi, Saudi Arabia’s oil-rich neighbor, has struck similar oil and gas deals with outside investors.

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We Asked Congress’s Freshmen to Give Up Stock Trading. Few Were Willing.

Additional attention in this area is a notion with bipartisan support, in an era that lacks much of that. In June, Representatives Chip Roy, Republican of Texas, and Abigail Spanberger, Democrat of Virginia, introduced what they called the Trust Act.

The bill would require their colleagues, spouses and dependent children to use a qualified blind trust, as Mr. Ossoff and Mr. Kelly are doing. With such vehicles, a third party would control individual stocks, if any, and some other investment assets and keep the beneficiary from knowing much about the contents or from trading on specialized knowledge of coming legislation. (Owning and trading common investments like mutual funds would be fine.)

“This is about making it easier for members of Congress to do their job,” Mr. Roy said at the time.

And let us not forget what I outlined in detail in a November column: They’ll all end up with more money in the end, on average, if they (or their stockbrokers) stop believing that they’re smart enough to beat the market. The studies on this are legion, and a particularly fun one showed how badly people in Congress did, on average, when they tried to outsmart the market between 2004 and 2008.

It is perhaps not surprising that those who would be elected officials would not be passive investors. The same enhanced sense of self that propels many of them to run for office may well make them think they have some kind of stock-picking superpower. They almost certainly don’t — and neither do the financial advisers who are charging them handsomely. Perhaps they’ll come to their senses eventually.

Others may own stock or trade it to blow off steam, as a form of gambling. If they can afford to lose the money, and are truly not using any inside information or in a position to influence the policies that affect the companies they bet on, then there is no real harm.

But do they wish to lose elections over it?

Certainly, stock trading wasn’t the only issue at play in Georgia. But in purple parts of the country or districts where upstarts in their own party would try to make a case of it, these newly elected officials could be vulnerable. If they avoid individual stocks for political reasons rather than more principled reasons, so be it. It’s all to the good.

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Johnson & Johnson Vaccine Deliveries To Dip in U.S.

Federal officials have said they still expect enough supply from the two other authorized vaccine manufacturers to be able to fulfill President Biden’s promise of having enough doses for all adults in the country by the end of May.

Nonetheless, states were counting on the Johnson & Johnson vaccine to fill important gaps in vaccination campaigns. Easier to store and transport — the vaccine can be kept at normal refrigeration temperatures for three months — states had begun using it in transformative ways, on homeless populations, migrant workers and college students.

Federal administrators divide vaccine doses nationwide based on each state’s adult population. That means that California will bear the brunt of the reduction: After receiving 572,700 doses of the Johnson & Johnson vaccine this week, it will get only 67,600 next week, according to Centers for Disease Control and Prevention data.

In Texas, the allocation will drop to 46,300 from 392,100. Florida, which received 313,200 shots this week, will get 37,000 next week. Guam, which received 16,900 doses this week, will receive none next week.

In Michigan, Gov. Gretchen Whitmer said Friday that she had urged President Biden to surge Covid-19 vaccines into her state, where a worst-in-the-nation outbreak has filled hospitals and forced some schools to close. “At this point that’s not being deployed, but I am not giving up,” Ms. Whitmer said, describing a Thursday evening call with the president. “Today it’s Michigan and the Midwest. Tomorrow it could be another section of our country.”

Ms. Whitmer, a Democrat whom the president considered as a potential running mate, took pains to praise aspects of Mr. Biden’s coronavirus response at a Friday news conference. But Ms. Whitmer said a rapid influx of shots, particularly the Johnson & Johnson vaccine, was essential to tamping down case numbers even as she resisted additional restrictions on gatherings and businesses.

Jeff Zients, the White House Covid coordinator, said at a news briefing on Friday that the administration does not plan to shift additional vaccine doses to hard-hit states like Michigan, which is slated to get another 17,500 Johnson & Johnson doses next week, an 88 percent drop compared to the nearly 148,000 doses it received this week, according to C.D.C. data.

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Vaccine Passports: What Are They, and Who Might Need One?

With Covid-19 vaccinations accelerating, attention is turning to tools for people to prove that they have been inoculated and potentially bypass the suffocating restrictions used to fight the pandemic.

Though the idea is meeting some resistance over privacy and equity concerns, several types of coronavirus vaccination records, sometimes called “vaccine passports,” already exist, in paper and digital form. Hundreds of airlines, governments and other organizations are experimenting with new, electronic versions, and the number grows daily, although so far their use has been very limited.

Portable vaccine records are an old idea: Travelers to many parts of the world, children enrolling in school and some health care workers have long had to supply them as proof that they have been vaccinated against diseases.

But vaccine passports use digital tools that take the concept to new levels of sophistication, and experts predict that electronic verification will soon become commonplace, particularly for international air travel, but also for admission to crowded spaces like theaters.

“yellow card,” used for decades by travelers to show inoculation against diseases like yellow fever. But those are on paper, filled out by hand and fairly vulnerable to forgery.

The tool might have to address several variables: It is unclear how long inoculation lasts, there can be bad batches and the emergence of new variants of the virus are likely to require new vaccines. So in the long run, an electronic record might need to show which specific vaccine a person received, from which batch and when.

More than a dozen competing versions are already being developed and promoted.

using CommonPass, developed by the Commons Project, a Swiss-based nonprofit, with support from the World Economic Forum. Lufthansa passengers flying into the United States can also use it.

The same month, Singapore Airlines became the first carrier to make limited use of Travel Pass for people flying between Singapore and London, and will put it into wide use in May.

Also in March, New York State became the first government in the United States to implement a system, the Excelsior Pass, developed with IBM, which some venues have used to prove vaccination. The governors of Florida and Texas have vowed to block any such system in their states, calling it government overreach and an invasion of privacy.

Vaccine Credential Initiative, to develop a broadly agreed-upon set of open standards, meaning that the software underlying a verification system is transparent and it can adapt easily to other systems, while safeguarding privacy. The W.H.O. has a similar initiative, the Smart Vaccination Certificate.

But several companies are creating closed, proprietary systems that they hope to sell to clients, and some apparently would have access to users’ information.

One concern is that a profusion of systems might not be compatible, defeating the purpose of making it easy to check someone’s status.

Another objection is that any requirement to prove vaccination status would discriminate against those who can’t get the shot or refuse to, and there is lingering uncertainty about how well inoculation prevents virus transmission.

For those reasons, the W.H.O. said this week that it does not support requiring proof of vaccination for travel — for now.

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