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Leaders the companies and nothing now. savannah sellers, thanks a lot. thank you, jacob. now to some money headlines. the president s proposed budget slices about 20% of funding for the national institutes of health, a potentially big blow to medical research. more than 80% of the nih budget, excuse me, reportedly goes to grants for scientific study. you can count tanning salons, by the way, among supporters of the republican healthcare plan because it would lift the 10% tax on tanning sessions since obamacare a lot of jokes that we could do about that one, but i m just going to leave it at that, since it went into effect in 2010, nearly half of the nation s tanning salons have closed with only about 9500 still open. march madness, mega milli s millions, americans are expected to wager a staggering $10.4 billion with a b on the ncaa tournament and only 3% of ....
Brightest are moving. talk about it. absolutely. so it happened even before sequestration. but sequestration made it worse. what happened was in 2013 about $1.5 billion was cut from the nih budget. that s the national institutes of health. that affected about 1,000 scientists. so what ended up happening was the pool of money available to people who wanted to do medical research, scientific research was much more was narrowed zrasticily. but the number of people that wanted to do research stayed the same. you see a generation of young people saying this is not the field for me. several of them have looked abroad. they ve gone to europe or to asia. a number of them have gone to private enterprise. and a number of them have just left the field altogether. in a previous piece i wrote, one of the most drastic examples of ....
Spectrum, which would be a pretty smart way to talk about tax reform, but what heather was saying is on the spending side of the budget, it cuts the spending programs and domestic discretionary by block granting medicaid and part of food stamps in a way that the lower income spectrum would bear a very heavy burden of this. on the other hand, what this budget does do is focuses on the need to get our medium and longer term debt under control and that s something a lot of policy makers are running away from. heather mentioned the deficit improvements. the problem is, they have been for this year and last year and next year, in the short term, we shouldn t be focused on the deficit and i say that as somebody who s very, very concerned about fiscal policy, but the real risk isn t the immediate deficits where we ve seen them coming down, it s over the next ten and 20 years, and this budget does do more than any other budgets to accomplish a reduction in the deficit, but what i d also add, d ....
To leave the next generation, what kind of legacy is this for the future, and i want to make a couple of points here. first and foremost, the kinds of revenue policies that are embedded in this budget, certainly, are not going to be good for the middle class. they are highly unequal. there s no way you can lower the rate without, especially for those at the very top of the income distribution, without dramatically increasing taxes on the rest of us. that s a very important thing to bear in mind, and that this is a failed economic policy. this is the kind of trickle down economics that we ve seen for decades that got us into this economic mess and certainly not going to get us out of it. so when we re thinking about the future, we need to be thinking about the kind of economy that creates opportunity for all, where we re making investments that are going to grow our infrastructure and make sure we can be competitive in the decades to come. that s what this budget should be focused on, a ....
Putting money in the hands of people that spend it, focusing on the middle class, and importantly, by not literally starving those at the very bottom of the income distribution. there s no way our economy grows because more people in america go hungry. both parties have said, maya, they want to address the problem in this country of income inequality, but this plan raises taxes on the middle class, lowers the tax rate for the wealthiest americans, so the simple argument, yes, it may balance the budget, but does so on the backs of the poor and middle class. is that a fair argument? i think the points you make depend on whether you look at the spending of the revenue side of the budget. the revenue side is vague on how it would reform the tax code. it calls for tax reform, but leaves details to be filled in, other than it would lower the rates, but in order to do that, you have to broaden the base and get rid of a lot of the tax breaks, and, in fact, there are a lot of ways one could ....