Tag Archives: Biden

We Need Science Funding More Than Road Repairs

As the Biden administration pushes for a $2 trillion infrastructure bill, I dug into some numbers on federal research funding today. Most basic scientific research is funded by the federal government, including the critical advances in mRNA technologies that laid the groundwork for COVID vaccines. But this funding has fallen by more than 1/3 since the 1970’s, measured as a percentage of GDP:

In absolute dollar terms, funding has increased, but far below the rate one would predict given our burgeoning economy. Meanwhile, the infrastructure bill contemplates $110 billion in funding for road repair. This despite the US having some of the best roads in the world (slightly better than those of Switzerland) and among the world’s lowest commute times. Even in the New York area, which many single out for having poor road infrastructure, I see mostly smooth pavement wherever I go.

Science funding will never be as visible as road repair. You don’t see men in orange jackets out there with big trucks. But without basic research, we will find ourselves falling behind competitors like China and left without the tools we need to meet future challenges. What if we had faced the COVID pandemic without the scientific groundwork laid by massive research funding in decades past?

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Photo: “Joe Biden” by Gage Skidmore is licensed under CC BY-SA 2.0

Bitcoin Anonymity Could Become A Thing of the Past If This Regulation Passes

In the waning days of the Trump administration, the government proposed regulations that would ban anonymity for holders of cryptocurrencies:

Users whose wallets now are only identified with codes would have their true identities recorded with the financial institutions they zealously avoided.

This proposed regulation has now been passed on to the Biden administration. There’s no timeline for a decision, but removing anonymity from crypto transactions could hammer the price:

If adopted, the regulations could cause a sharp fall in the prices of virtual currencies like Bitcoin, said Matthew Maley, chief market strategist for Miller Tabak & Co., adding that he thinks Bitcoin’s price will continue to rise in the long term.

There are some major companies like Fidelity and Coinbase pushing to retain anonymity, and I think their political influence may stop such regulations. But on the other hand, the possibility for anonymity to facilitate drug deals and terrorism could push the government in the opposite direction.

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Photo: “Bitcoin, bitcoin coin, physical bitcoin, bitcoin photo” by antanacoins is licensed under CC BY-SA 2.0

New Administration Will Release All Available COVID Vaccine Doses Immediately

CNN just reported that the Biden administration plans to release all doses of the COVID vaccine right away, instead of holding back half of them to ensure 2nd doses are available. This could make the vaccine more widely available sooner.

If more people get their first dose, that could get them up to 90% protection, slowing the pandemic. The UK and Canada have already adopted this approach, and I’m happy to see the new administration’s openness to giving it a try.

Our current pace of vaccination, while increasing, would take 3 years to reach herd immunity. We simply don’t have that long.