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Key to Medicare home health reform is determining program's objective: report
Three possible reforms to Medicare home health are cost-sharing, home health eligibility requirements and optional cash payments, according to a September report from Brookings, a nonpartisan think tank. Which track to choose depends on what the overriding purpose of the program is, the four economist authors say.
How Americans’ Financial Health Is Faring In The “K-Shaped” Economy
Hey all, Jason here. Money20/20 is still two weeks away, but I’ve already started packing (not procrastinating for once!). My calendar is already filling up with various sessions I want to catch, meetings, and of course happy hours, dinners, and other side events. If you’ll be in Vegas and want to catch up, let me know by replying to this email, and we can try to find a time amidst the chaos of the Venetian. A big if not totally unexpected piece of news dropped on Friday: the Independent Community Bankers of America, a trade group that represents smaller U.S. banks, filed a lawsuit against the OCC and Comptroller Jonathan Gould, arguing that the regulator’s move to grant trust bank charters to firms seeking to use them to conduct substantial non-fiduciary activities exceeds the authorities granted to the OCC by Congress. I haven’t had time to fully digest the legal filing or speak to folks in my network about it, but you can expect to see coverage and analysis on it in next week’s newsletter. Subscribe or Support by Upgrading The NerdCon agenda just dropped. It’s stacked. Partner content: Nubank built an AI-first bank. Chime built its own banking core. Figure and Valon are rebuilding the mortgage stack. At NerdCon, you’ll hear from the people behind those bets: what they chose, what they learned, and what they’re still figuring out. The agenda is live, with leaders from Nubank, Chime, OpenAI, Remitly, Mercury, Figure, Valon and more. Follow the mainstage conversations, bring the problem your team is wrestling with to a hands-on workshop, or pull up a chair at a roundtable. Pick your quests. Meet us in San Diego, November 18–20. Fintech Business Weekly readers save 20% with code FBW20. Explore the Agenda Things To Know & Other Good Reads Federal Reserve Board finalizes changes to enhance the transparency and public accountability of its stress test and reduce volatility in its stress test-related capital requirements (Federal Reserve Board of Governors) FDIC Announces Conclusion of Independent Monitorship (FDIC) Modernizing Financial Regulation: Initial Observations from eSLR (Fed Vice Chair for Supervision Michelle Bowman) The Data Version of Godzilla versus Kong: FRED Takes on AI (Fed Governor Christopher Waller) Financing the AI buildout (Brookings) Q3’26: Rules for Banks but Not for Crypto (Fintech Takes Banking) The Inevitability of Local Stablecoins (Lombard Notes) Delusions of AI Governance: The Human-in-the-Loop Comfort Blanket (Fintech Snark Tank) Stripe agrees to acquire Parafin to expand revenue opportunities for platforms and help small businesses grow (Stripe) Listen: Fighting Fraud in the Age of AI, with SEON’s Tamas Kadar (Fintech Business Weekly) How Americans’ Financial Health Is Faring In The “K-Shaped” Economy If there is one overarching theme across the economy and politics in the U.S. at the moment, it’s “affordability.” The term is vague enough to encompass a panoply of factors shaping Americans’ day-to-day lives: rising costs for the hallmarks of being “middle class,” including healthcare, housing, childcare, and education, inflation and rising interest rates, and a job market with the specter of AI hovering over it. At the same time, policy shifts under the Trump administration have resulted in reduced subsidies to those who get health insurance under the Affordable Care Act and new restrictions on qualifying for Medicaid and SNAP, the impacts of which have yet to be fully felt. These factors are contributing to declining consumer confidence and general dissatisfaction with the economy, despite continuing GDP growth and stock market records. This divergence is encapsulated in the idea of the “K-shaped” economy, in which a small proportion of Americans have seen their wealth balloon, while the majority of American households struggle to preserve the lifestyle they have. Perhaps the greatest determinant of which branch of the “K” a household is on is whether their wealth and income are primarily derived from employment vs. from assets. Nearly two decades of low interest rates and, more recently, elevated rates of inflation have benefited asset owners, while those whose income is primarily or solely derived from labor have largely seen real purchasing power stagnate or decline. This is reflected in recent Bureau of Labor Statistics data showing that labor share of U.S. GDP — the fraction of economic output that accrues to workers as compensation in exchange for their labor — dropped to just 52.8% in Q2 2026, the lowest since the BLS began keeping records. In 1947, approximately 2/3rds of economic output accrued to workers; even as recently as 2001, labor’s share of GDP was 64.1%. Against this backdrop, we’ve seen the rise of more credit and credit-like products: cash advance apps, “no-fee” overdraft, earned wage access, and buy now pay later, which are often used as small-dollar short-term borrowing mechanisms to meet immediate consumption needs or pay other bills (eg utilities, cell phone, other debt payments). With the markers of a middle class existence and, increasingly, basic financial stability seemingly out of reach for many, it should be no surprise there’s been an increase in “financial nihilism,” something industry peers like Alex Johnson and Frank Rotman have discussed and analyzed the roots of. The explosion of gambling and gambling-adjacent products and services — often marketed under the guise of being an “investment” — is inextricably intertwined with the rise of financial nihilism. Crypto, sports betting, and, more recently, prediction markets offer an escape or even hope of sorts, like a contemporary, digital version of a scratch-off lottery ticket, while leaving the overwhelming number of people who use such products worse off. Share of Households That Are Financially “Vulnerable” Ticks Up The Financial Health Network’s 2026 Financial Health Pulse® report adds context on how American households are faring. (I linked to this report in last week’s newsletter, but wanted to take time to further unpack the data in the report this week.) The Financial Health Network publishes the report annually, providing insight into how Americans’ financial circumstances are changing over time. The 2026 report is derived from a survey fielded in April and May 2026. The report leverages survey responses to assess indicators of financial health across spending, saving, borrowing, and planning/protecting and to determine a zero to 100 “FinHealth” score. Those with scores between 0 and 39 are considered “Financially Vulnerable,” consumers with scores ranging between 40 and 79 are defined as “Financially Coping,” and those with scores of 80 to 100 are “Financially Healthy.” The report found that moderate improvements in 2025 were reversed, with the share of respondents considered financially “vulnerable” rebounding to 17%. The longitudinal data reflect the impact of pandemic-era programs, like expanded unemployment, cash stimulus payments, and pauses of federal student loan payments. The positive impacts of those programs, as reflected in the Financial Health Pulse reports, had largely disappeared by 2023. While pandemic-era inflation — to be fair, in part caused by the various support and stimulus measures — had come down from as high as 9% in 2022, it has rebounded since the start of Trump’s second term, with tariffs and energy market disruptions owing to the war in Iran pushing prices back up. Specific indicators in the survey that deteriorated from 2025 to 2026 include the share of respondents spending less than their income over the past 12 months, the share paying all bills on time over the past 12 months, the share that have a manageable amount or no debt, the share that are “moderately” or “very” confident their insurance is adequate to cover them in an emergency, and the share that “somewhat” or “strongly” agree that their household plans ahead financially. Unsurprisingly, lower- and moderate-income households are more likely to struggle to pay their bills on time and have any funds leftover to save. The share of low-income households whose income exceeded their spending dropped from 35% in 2025 to 31% in 2026, while the share of upper-income households whose income exceeded expenses remained unchanged at 63%. Households with student loans or revolving credit card debt reported having “a bit more” or “far more” debt than was manageable at rates far higher than those not carrying these types of debts. The share of those with student loan debt indicating their debt load was too high to manage increased from 50% in 2025 to 55% in 2026, while the share of those with revolving credit card debt saying the same ticked up from 51% in 2025 to 54% in 2026. Households that had student loans were markedly more likely to be financially “coping” or “vulnerable” vs. those without student loans. In 2026, 27% of households with student loans were considered financially vulnerable, a jump of 6% points vs. 2025. Households without student loans saw just a 1% point increase (not statistically significant) in those considered financially vulnerable. Households’ perception of the affordability of categories of goods and services paints a stark picture, with less than one-fourth considering higher education affordable, about a third deeming childcare affordable, and less than half viewing healthcare as affordable. Fintech Business Weekly is made possible by the generous support of paying subscribers — bringing you independent analysis of banking, fintech, and crypto without fear or favor. You can support my work by becoming a paying subscriber if you aren’t already. Paying subscribers enjoy: access to the entire archive of nearly six years of newsletters extended versions of the weekly newsletter, with additional content and analysis and (for founding member tier) quarterly personal 1:1 fintech Q&A / strategy calls with me, tapping into my unparalleled knowledge of the intersection of banking and fintech and experience working in the sector, including helping to launch Goldman Sachs’ retail bank Marcus Support Fintech Business Weekly You can also support Fintech Business Weekly by sponsoring a newsletter or podcast, putting you in front of 93,000+ of the most influential decision makers in banking, fintech, and crypto. Learn more about sponsor opportunities or request a media kit by dropping me an email. Democratic Senate Report Highlights How Iran Uses Tether to Evade U.S. Sanctions Iran uses stablecoins, specifically Tether, to evade sanctions, fund regional proxies, and to purchase military drones, a report released last week by the Senate Permanent Subcommittee on Investigations says. The report was authored by committee ranking member Senator Richard Blumenthal (D-CT) and the minority staff. Crypto and stablecoin proponents will often push back on criticism that criminals make use of these assets by arguing that, on an absolute dollar basis, far more illicit funds flow through traditional banking systems and payment rails than via crypto and stablecoins. And while that is likely true, it elides the reality presented in news story after news story: whether state actors — Russia, Iran, North Korea — or criminal groups, those looking to engage in illicit transactions increasingly favor stablecoins and, specifically, Tether (USDT). The report from the Senate Permanent Subcommittee on Investigations released last week adds context to how Iran uses Tether has a lynchpin in its shadow banking system. The report analyzed 846 wallets that have been sanctioned or targeted for seizure, finding that 84% of them transacted exclusively or primarily in Tether. The ability to create near limitless, anonymous wallets and to move funds effectively instantaneously and irreversibly have made crypto a favored financial mechanism for bad actors. Stablecoins solved key drawbacks of bitcoin, namely, the original cryptocurrency’s highly volatile value in dollars. And while Tether (the company) has the technical ability to “freeze” or destroy funds, the company is often limited and reactive in its approach to doing so, the Senate report argues. Tether, which is nominally based in crypto-friendly El Salvador, “has stated that its compliance with OFAC sanctions is ‘voluntary’ and that it follows ‘OFAC guidelines,’” the Senate report says. Owing to these favorable attributes, Tether “became a primary cryptocurrency for Iran, Hamas, Hizballah, and the Houthis beginning in 2023 and has expanded in scale since,” according to the report. Tether’s role in Iran’s shadow banking system, the report says, is enhanced by crypto exchanges like Bybit, Kyrrex, OKX, Gate, and Binance, and through “over the counter” exchanges and hawala networks. The consequences of these financial flows aren’t hypothetical. The Senate report links Tether as a funds transfer mechanism to Iranian proxies in the region, including Hizballah, the Houthis, and Hamas. Tether has also been used to make payments to secure components necessary to manufacture drones, the report says. The report concludes by arguing that “[s]tablecoin issuers with a significant nexus to the United States, particularly those that offer dollar-denominated stablecoins, should be subject to American sanctions law rather than being allowed to hide behind foreign jurisdictions.” Stablecoin issuers like Tether must be held accountable for repeated failures to prevent illicit finance and sanctions violations by law enforcement, the Department of Justice, the Securities and Exchange Commission, and OFAC, the report argues. [Paying Subscriber Exclusive] OUSD Goes Live, Make Your Own Neobank, U.S. Sanctions Russia’s A7 Network As “Transnational Criminal Organization” OpenUSD, the stablecoin issued by the Open Standard consortium that includes Stripe, Visa, Mastercard, core providers, crypto firms, and numerous banks, went live last week. Social commerce platform Whop raised eyebrows in fintech by offering creators on its platform the ability to launch their own neobanks, which the company describes as “great businesses that are easy to run,” in just 15 minutes. And OFAC and FinCEN target Russia’s “shadow banking” A7 Network — more on these stories after the paywall.
Friday Scoreboard
SIOUX FALLS, S.D. (KELO) – Here are scores from around the area: College Volleyball:Sioux Falls 3, UMary 0Jamestown 3, Augustana 2 High School Football:#2 Brandon Valley, 38, #3 Harrisburg 12Roosevelt 40, Rapid City Central 0#4 O’Gorman 35, Washington 13#1 Jefferson 62, Omaha Westview (NE) 25#5 Lincoln 55, Rapid City Stevens 0#2 Tea Area 42, Brookings […]
High School Sports Scores
SIOUX FALLS, S.D. (KELO) — Take a look at the various scores from all the high school sports across South Dakota. Volleyball Aberdeen Central 3, Tea Area 0 Mitchell 3, Pierre 0 Lincoln 3, Brookings 2 Sioux Falls Christian 3, Yankton 0 Harrisburg 3, Huron 0 Washington 3, Roosevelt 2 Sturgis Brown 3, Douglas 1 […]
Rethinking Medicare home health
Liran Einav, Amy Finkelstein, Yunan Ji, and Neale Mahoney examine the design of the Medicare home health benefit. They assess the program’s objectives and offer reforms to better meet these goals.
SDSU Weed Science Teams Compete in First-ever Contest, Graduate Team Finishes Second
BROOKINGS, S.D. -- The South Dakota State University Weed Science graduate team placed second in the Western Society of Weed Science category at the North...
Three state elections throw German politics into disarray
Three German state elections may have ushered in a new era of polarization, volatility, and fragmentation.
Tight ends ignite Jacks offense in Week 3 win
BROOKINGS, S.D. (KELO) — The SDSU football’s tight end room had its finger prints all over the Jackrabbits 57-14 win over New Haven on Saturday night. All three touchdown passes were caught by a tight end with two of them coming from Greyton Gannon in what would become a single game career high performance of […]
Learn More About Soil Health with SDSU Extension Webinar Series
BROOKINGS, S.D. – South Dakota State University Extension will host a series of webinars for farmers and ranchers interested in learning more about soil health....
Jackrabbits fueled by missed opportunities
BROOKINGS, S.D. (KELO) — The SDSU Jackrabbits marched into Evanston, Illinois this past weekend to take on Northwestern, and despite many trips inside Wildcat territory the big play never came. The Jacks made seven total trips inside the Northwestern 20-yard line but only came away with a touchdown one time. Head Coach Dan Jackson says […]
SDSU soccer match versus Idaho canceled
BROOKINGS, S.D. (KELO) — The South Dakota State soccer match on Sunday, Sept. 6, versus Idaho has been canceled due to persistent weather conditions in the region. The Jackrabbits and Vandals played the first 45 minutes of regulation without interruption. SDSU freshman Stella Braddock scored a goal in the 37th minute on a header, courtesy of a corner […]
Health outcomes in rural America: A prevention-to-crisis view on determinants of health, chronic diseases, and economic consequences
This America's Rural Future symposium explores the interconnections between health outcomes and economic development in rural areas.
Class ‘A’ amateur state title game set
MITCHELL, S.D. (KELO) — The Class ‘A’ amateur semifinal braved the rain after multiple hours of delays to see Harrisburg advance to meet Renner in the championship. Tea held off a late Brookings comeback push, 14-13, to move out of the losers bracket. The Steam faced Harrisburg in their second game of the day but […]
The new “America First Global Health Strategy” could erode years of progress under PEPFAR
The authors unpack the impacts the new "America First Global Health Strategy" will have when it comes to HIV/AIDS mitigation in African countries.
How big is the US Postal Service? Among the largest in business or government
The U.S. Postal Service is one of America's largest employers and retail networks. Here's how its workforce, revenue, and reach compare with major companies.
The new "science golden age" looks suspiciously like a grift
This edition of PN is made possible by paid subscribers. Become one ⬇️ 🚀 Subscribe to PN 🚀 The Trump regime is trying to usher in a “Golden Age in Science” where scientific research is run like a Trump family business, artificial intelligence is all that matters, profit is everything, and expertise is for chumps. Or at least that’s the vision emerging from a new 123-page “Report to the President” from Michael Kratsios, the Director of the White House Office of Science and Technology Policy. In a normal administration, you could probably skip over learning about a science policy document — but this is no normal administration, and this is no normal science policy document. Instead, it’s Trump’s attempt to end the actual golden age of science that was kicked off in 1945 with the publication of '“The Endless Frontier” by Vannevar Bush. [ ](https://www.publicnotice.co/p/harmeet-dhillon-portland) [ Harmeet Dhillon demonstrates danger of posting through it ](https://www.publicnotice.co/p/harmeet-dhillon-portland) Liz Dye · Jul 29 [ Read full story ](https://www.publicnotice.co/p/harmeet-dhillon-portland) Bush, at President Franklin Delano Roosevelt’s request, laid out a vision of federal support for science that centered on funding universities to do basic research, saying that as long as those institutions were “vigorous and healthy and their scientists are free to pursue the truth wherever it may lead, there will be a flow of new scientific knowledge to those who can apply it to practical problems in Government, in industry, or elsewhere.” Kratsios’s report is supposed to be the successor to Bush’s, and even apes the format, but this isn’t really a document about science policy. It’s one about ending science research as we know it in favor of shoveling cash at big tech companies. While it might be temping to wave this away as an aspirational policy document, Trump has already begun to shift billions in research funds to AI projects and has taken a hatchet to science funding across the board. He’s teed up the shift Kratsios proposes here, and since neither Congress nor the Supreme Court seem inclined to stop him from doing whatever he wants with taxpayer money, it isn’t doomering or hyperbole to say we are staring down the barrel of a world where the only “science” the government intends to support is for-profit tech and defense advancements. Science for dummies Part of how you can tell this isn’t a document about science is that you are immediately faced with an absolute wall of business-speak of the worst sort. Did you know we must “tightly couple our science and technology enterprises to ensure that groundbreaking ideas invented in the United States are rapidly prototyped, tested, manufactured, and scaled domestically”? You do now! That tone isn’t surprising, because Kratsios has no background in science or research. He has a bachelor’s in political science and spent most of his career working for Peter Thiel at Thiel Capital. After a stint in the first Trump administration as Chief Technology Officer, where he also did not do any science, Kratsios was tasked in 2020 with overseeing the Pentagon’s research budget for a brief time, a position that, as the Wall Street Journal put it, “carries a great deal of power in terms of dictating investment allocations.” He spent the Biden years at Scale AI as “head of strategy,” which you will also note is neither a science nor a research job. But Scale AI has contracts with the Department of Defense and, as the Washington Post wrote in 2023, “has been aggressively pitching itself as the company that will help the US military in its existential battle with China.” And now you have the necessary background for our new golden age, which is going to be a golden age of taking money away from scientists and universities and giving it to companies like Scale AI. A note from Aaron: Working with brilliant contributors like Lisa takes resources. If you aren’t already a paid subscriber, please become one to support our work. 👇 Subscribe In a genuinely galling move, Katsios spends a lot of time slamming universities because of “administrative burdens on researchers” and the “well-documented inefficiencies” in academia, the message being that those damn universities waste the time of amazing researchers with paperwork. Except it’s the administration that is attempting to impose inefficient, unnecessary burdens on those researchers with a proposed Office of Management and Budget rule that would require senior political appointees to approve every science grant and ensure it aligns with Trump’s personal priorities. Researchers would also have to seek prior government approval to attend conferences or publicize their research. And political appointees could terminate any grant at any time if they feel like it. [ ](https://www.publicnotice.co/p/omb-rule-science-funding) [ The murder of expertise ](https://www.publicnotice.co/p/omb-rule-science-funding) Lisa Needham · Jun 11 [ Read full story ](https://www.publicnotice.co/p/omb-rule-science-funding) But when it comes to AI, we’re going to “restore permissionless innovation.” The report proposes to give lucky ducky innovators a pile of cash up front for grants lasting five years or longer, saying “awards should be fully-funded in year one, with all resources earmarked upfront, to minimize administrative burdens and reduce pressure for researchers to generate intermediate results to secure continued funding.” Yeah, wouldn’t want to have to make the Very Special Tech Bros show results or get money parceled out year by year like the plebes at universities. The report also proposes that we should have “fast grants” with “simplified applications requiring just a few pages of writing” because that is definitely how science works, just writing a bit off the dome and getting some cash. [ ](https://www.publicnotice.co/p/trump-ai-action-plan-altman-llms) [ Tech elites are turning AI into ChatGPTrump ](https://www.publicnotice.co/p/trump-ai-action-plan-altman-llms) Paul Waldman · July 29, 2025 [ Read full story ](https://www.publicnotice.co/p/trump-ai-action-plan-altman-llms) Oh, and we should have prizes and challenges, where multiple teams compete. The proposed prizes include incentives like “advance procurement commitments,” which means the federal government agrees to buy whatever is being developed. There’s also “regulatory fast-tracking,” making sure all those great AI thingies don’t have to wait too long to be unleashed on a market. These aren’t incentives to do science. These are incentives to develop things with tax dollars that you can then sell to the government for more tax dollars. In the suggestion that might be the most unhinged, the most very opposite of how both government and research work, our new age will include “golden tickets.” That’s where an individual reviewer in an agency — yes, just one person — can “recommend unconventional proposals that may not pass consensus-driven review panels” because somehow this will “surface valuable ideas too divisive for committees and attract higher quality reviewers by empowering them to exercise independent scientific judgment.” Yes, that’s saying that a random person in an agency should be able to shovel money at some idea even if it can’t pass a review panel, and that the opportunity to do so will attract better employees because apparently all the best minds in science are chomping at the bit to be allowed to unilaterally fund AI research based on their personal vibes. But that isn’t at all how actual science works, and actual scientists aren’t unhappy about review panels. They work collaboratively, not siloed in some secret race to create the next AI chatbot. A 2020 study by the National Bureau of Economic Research examined whether peer review panels succeed in helping agencies predict which research ideas will best advance science. Peer review was better at finding “diamond in the rough” applicants than a single government program official. How about that. Trump always wants a taste It’s painfully clear that what Katsios is trying to do here is turn the whole of government science research and funding into the sort of “move fast and break things” paradigm that is the hallmark of big tech. That method works to line the pockets of tech executives, but it isn’t science. There’s a reason the government funds different kinds of research than private tech companies do. What Katsios either fails to understand or deliberately ignores is that the federal government is the main funder of basic research precisely because it can take a long time for it to bear fruit and is not intended to be profitable as such. “Basic” here does not mean rudimentary or simple, but rather research that is designed to advance scientific knowledge instead of achieving a specific outcome or product. Big tech companies don’t widely fund that sort of research, because it doesn’t make them money. Industry dollars account for only about 20 percent of basic research funding, while the government contributes around 60 percent. Big tech companies and startups do, however, rely on and benefit from that basic research. A 2019 study found that 35 percent of all patents obtained by venture-backed startups from 1976 to 2016 cited federally supported research. Basic research funded by the NIH contributed to every single drug the FDA approved from 2010 to 2016. [ ](https://www.publicnotice.co/p/trump-saudi-nuclear-deal) [ The Saudi nuclear farce and governance by whim and meme ](https://www.publicnotice.co/p/trump-saudi-nuclear-deal) Noah Berlatsky · Jul 27 [ Read full story ](https://www.publicnotice.co/p/trump-saudi-nuclear-deal) Unlike inventing the next ChatGPT, actual science is slow and iterative. Government funding of research that, on its face, would not appear to lead to any big new invention is actually what underpins those big new inventions. If the government hadn’t funded research into desert lizard venom, we wouldn’t know about semaglutide, and we wouldn’t have Ozempic. If research scientists hadn’t studied how bees optimize nectar foraging within a colony, we wouldn’t have the algorithm that assigns internet traffic across computer servers. The report assiduously ignores that a symbiotic, profitable relationship between the federal government, universities, and private companies already exists. Each federal research dollar generates about $1.50 to $3.00 in long-term economic benefits. The $36 billion the government awarded in NIH research funding in fiscal year 2025 generated $94 billion in new economic activity. Trump’s proposed new golden age is intended to strip those billions from universities, resulting in the dismantling of departments and the shuttering of labs. But Katsios has a plan for that: Universities should just become trade schools to churn out no-show STEM degrees! “Require universities and community colleges to embed practical technical training and externships into STEM curricula. Let hands-on experience and industry credentials count toward degrees.” It’s quite the feat to, on the one hand, strip schools of funding for scientific research while simultaneously demanding to control what is taught and, oh, also, colleges need to give degrees to employees at big tech companies just for being employees at big tech companies. The new golden age would also exacerbate the brain drain Trump’s policies have already caused. Nature found that in the first quarter of 2025, US scientists submitted 32 percent more job applications abroad than in 2024. A March 2025 poll by Nature of roughly 1,600 scientists found that over 1,200 said they were considering leaving the country. Europe is investing $565 million to make it a “magnet for researchers” and provide funding for scientists who relocate. The new golden age is also about embedding Trump’s xenophobia into the fabric of American science. The report complains of an “over-reliance on foreign students” that “creates a security challenge our institutions are ill-equipped to address” and that a “reliance on foreign talent sidelines American students.” This is, to put it mildly, nonsense. International students pay far higher tuition and often receive no financial aid. Their tuition dollars are what make it possible for American students to get financial aid. In the 2023-2024 school year alone, international students contributed $43.8 billion to the US economy and supported over 378,000 jobs. Those 1.1 million international students accounted for only six percent of the total number of students in higher education that year, but were such an economic engine that for every three international students, one job was created or supported. It’s impossible not to wonder whether part of Trump’s loathing for universities and their leading role in scientific research is that there is no way for him to corrupt the process and make money off it in the same way he can by giving millions and billions to Silicon Valley types who, in turn, give him millions in cash. There’s no way for his children to invest in universities that the government then gives no-bid contracts to, fattening the family’s bottom line, which is pretty much the Trump sons’ current venture capital practice. Trump and Katsios’s view of science is narrow, cramped, and wrong. We’re not in a crisis, we’re not a failed state. We’ve been a science superpower for decades, and the only thing that threatens that is Donald Trump. Tech bros are already living high off the hog in this administration. They don’t need any more of our tax dollars. Hopefully this new golden age never comes to pass. Thanks for reading Public Notice. This post is public so feel free to share it. Share We’ll be back with more tomorrow. If you appreciate today’s PN, please do your part to keep us free by signing up for a paid subscription. 🚀 Subscribe to PN 🚀 Thanks for reading, and for your support.
After the men’s World Cup: How African countries can leverage sports for development and diplomacy
Host Landry Signé meets with H.E. Youssef Amrani, the Kingdom of Morocco’s ambassador to the U.S., on the heels of the men’s 2026 World Cup to discuss his country’s investment in sports for development. Their conversation highlights how sports and culture can create opportunities for youth and strengthen international relationships.
SDSU Dairy Quiz Bowl Team Places First at American Dairy Science Association Annual Conference
BROOKINGS, S.D. — The South Dakota State University Dairy Quiz Bowl Team claimed the top spot at the American Dairy Science Association's Annual Meeting in...
Shared vulnerability to state violence could unite reform efforts
Howard Henderson analyzes state violence across racial divides and the impact of recent escalations contributing to recognizing disparities.
The civic consensus beneath America’s political divide
New survey data suggests Americans remain more united in their civic identity than today's polarized politics would imply.
From martial law to democratic renewal in South Korea
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Europe’s fractured politics and what they reveal about democracy
E.J. Dionne examines recent European elections and what they reveal about the future of American politics.
Toward a uniform business tax system: Examining proposals to tax large pass-through entities as corporations
Miles Johnson, Thalia T. Spinrad, Kathleen Bryant, and Chye-Ching Huang analyze a proposal to tax large pass-through businesses as C corporations.
Taking on tax: Toward progressive revenue-raising business tax reform
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The shifting landscape for Black-owned businesses: An update to the Black Business Parity Dashboard
The latest Black Business Parity Dashboard reveals where Black-owned employer businesses are growing, where ownership gaps persist, and how closing those gaps could generate jobs, wages, and economic growth nationwide.
The political consequences of the Iran war
When wars are undertaken without initial public support, the public reaction against those who started and supported it can be harsh.
‘No known exposures’ after measles detected in Brookings county child, health department says
South Dakota health officials have flagged the state’s ninth case of measles this year, according to the state Health Department.
Black businesses as community anchors: History, economic power, and the fight to reserve it
Black-owned businesses play a vital role in building community wealth, jobs, and opportunity. Join Brookings for a discussion on new research, business ownership parity, and strategies to strengthen Black business ecosystems.
Time to level up: How to help America’s small businesses survive and thrive in tumultuous times
Small businesses have faced years of economic shocks, yet remain vital to jobs and growth. Local leaders are showing how targeted investment can strengthen small business ecosystems and better support entrepreneurs, even with limited resources.
Rural health care infrastructure: Trends and considerations for the future
America's Rural Future symposium explores the challenges and policy shifts reshaping rural health care infrastructure, and what communities, states, and policymakers must consider to build lasting, locally responsive systems.
From bans to recalls: A public health framework for AI companion bots
Gaia Bernstein discusses the threats that AI pose to public health—especially in children—and how a shift in the framing of legislative solutions could be beneficial.
How states can incentivize local investing to find new capital for businesses and housing
Geographic and corporate concentration in banking and retail is limiting entrepreneurship in many U.S. communities. Existing place-based policies help, but often fail to deliver scalable, tailored investment solutions broadly across rural and urban areas.
So far, Trump’s political revenge campaigns have been successful
Elaine Kamarck argues Trump's revenge primaries are short-term wins that could become long-term liabilities.
From policy volatility to stability and growth: Rebuilding the foundations for Latino entrepreneurs and small businesses
Latino entrepreneurs have been among the fastest-growing segments of the U.S. small business landscape.
Adam Schiff Accuses CFTC Chair Mike Selig Of 'Duplicitous' Behavior Over Sports Prediction Markets
Sen. Adam Schiff (D-Calif.) on Tuesday accused CFTC Chair Mike Selig of contradictory statements on the contentious issue of sports betting in prediction markets. Schiff Says Prediction Markets Violate State Sovereignty In his Brookings interview with Aaron Klein, Schiff described prediction markets as “pretty indistinguishable” from gaming and sports betting. Schiff argued that these platforms bypass state-level consumer protections and generate no public revenue. “It really seems to violate st
From agenda setting to policy adoption: Why some ideas succeed while others fail
Landry Signé explores the evolution of the agenda-setting literature and provides policymakers with a practical framework for policy agenda management.
Jackrabbits close home slate with comeback win
BROOKINGS, S.D. (SDSU) — South Dakota State scored six times in the bottom of the sixth inning to rally for a 7-3, series-clinching victory over St. Thomas in the finale of a three-game Summit League baseball series Sunday afternoon at Erv Huether Field. The Jackrabbits improved to 20-27 overall and 11-12 in league play. St. […]
How do Taiwanese feel about the Cheng-Xi meeting?
Lev Nachman and Wei-Ting Yen present original survey data evaluating how Taiwanese voters saw the Cheng-Xi meeting.
Will Virginia be the final mid-decade redistricting battle?
Virginia’s referendum may mark the end of mid-decade redistricting, though uncertainty still surrounds its impact on the 2026 midterms.
How 2026’s divisive immigration politics could lead to a solution down the road
Brookings senior fellow E.J. Dionne discusses how political backlash on immigration may open the door to bipartisan reform.
The Trump FCC is leveraging public trust for political gain
Tom Wheeler discusses FCC Chairman Carr's recent threat against broadcasters and the broader implications for democracy.
The economic value of policies and programs to support children’s mental health
Richard Frank and Chloe Zilkha explore the economic payoff of early childhood and school-based health care policies related to mental health.
How factional primaries could turn a Democratic wave into a trickle
Candidate quality and primary results will determine if the projected Democratic wave strengthens or turns into a trickle.
The train has left the station: Agentic AI and the future of social science research
A new era of agentic AI agents has begun. What does it mean for social scientists? Solomon Messing and Joshua Tucker discuss.
Japan’s thunderbolt election: Takaichi resets politics, economics, and diplomacy
Japan’s first-ever female leader delivered the biggest win for her party since its creation 70 years ago, but big challenges lie ahead.
Even in ‘business-friendly’ states, federal policy shocks are hurting Latino-owned firms
Texas, Florida, and North Carolina are so-called “business-friendly” states worth watching because they sit at the intersection of rapid growth, demographic dependence, and policy volatility.
An overlooked way to close Africa’s health gaps
Ndidi Okonkwo Nwuneli and Ekhosuehi Iyahen discuss a new social model to make better use of the remittances from the African diaspora.
Building an evidence base for the business case for apprenticeships
This report presents a framework for iterative learning: pilot program designs, gather data, refine approaches, and build better tools.
The politics of free speech in US schools today
Research shows schools are not engines of indoctrination but complex institutions balancing free speech and learning.
What the US can learn from Switzerland about the business case for apprenticeships
Apprenticeships in Switzerland are part of the secondary education system, combining classroom learning with paid on-the-job training.
Dealmakers: The drivers of political compromise
Join the Brookings Institution on January 12 for a discussion on compromise and its role in democratic policymaking.