Proposed cuts to the National Institutes of Health's overhead cost coverage are poised to significantly affect scientific research funding, resulting in billions in reduced economic activity. An analysis indicates potential GDP losses of $6.1 billion and over 46,000 job losses nationwide, impacting universities, research institutes, and supporting sectors. Delays in NIH grant reviews and a freeze on hiring and Ph.D. admissions at various universities underscore the immediate consequences of these financial cuts, highlighting the broader adverse effects on the economy, including real estate and legal services.
As the battle over Elon Musk's DOGE-directed cuts to federal medical research continues, institutions already are freezing hiring, cutting back on the number of Ph.D. students they'll accept and making other contingencies.
Capping how much the National Institutes of Health covers the schools' overhead costs could lead to billions of dollars in cuts to scientific research funding and widespread economic fallout.
An economic analysis by software company Implan on Tuesday estimates proposed cuts could lead to a loss of $6.1 billion in the nation's gross domestic product.
It's not just researchers that are affected. It's not just universities that are affected. There's going to be impacts on real estate ... legal services ... services to buildings.
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