Government

Fast Company reporter Clint Rainey writes that a new study co-authored by MIT economists finds that the bulk of the loan money handed out through the Paycheck Protection Program (PPP) helped business owners and shareholders. The researchers estimate that “somewhere between 23% and 34% of PPP dollars went to workers who would’ve otherwise lost their jobs,” writes Rainey. “The rest of the loan money—a full two-thirds to three-fourths—landed in the pockets of either the company’s owners or shareholders.”

Writing for The New York Times, Steven Simon of the MIT Center for International Studies and Jonathan Stevenson of the International Institute for Strategic Studies underscore the need for extensive analysis of the growing dangers to American democracy. “The overarching idea is, publicly and thoroughly, to probe just how bad things could get precisely to ensure that they never do,” they write, “and that America’s abject political decay is averted.”

Boston Globe reporter Kevin Lewis spotlights how MIT researchers surveyed thousands of Democrats and Republicans to rate the reliability of nonpolitical news headlines. “People genuinely believe that opposing partisans are more gullible, even when that stereotype is costly to them,” writes Lewis. “On the other hand, that stereotype can be corrected with evidence.”

NPR reporter David Gura spotlights U.S. Securities and Exchange Commission Chair Gary Gensler as he takes a new approach to his role as head of the SEC. After teaching a cryptocurrency course at MIT and serving as the chair of the Commodity Futures Trading Commission under President Obama, Gensler has “promised he’ll unveil new rules across the board as part of an ambitious agenda, from cryptocurrencies to new disclosure rules,” says Gura.

A new report by researchers from MIT’s Civic Data Design Lab, the Migration Policy Institute and the World Food Programme investigates the motivations and costs of migration from Central America, and finds that migrants spend $2.2 billion every year trying to reach the U.S., reports Catherine E. Shoichet for CNN.  "That is an extreme amount of money," explains Prof. Sarah Williams. "That $2.2 billion is all paid for by the migrants themselves, so the risks, both in terms of debt and personal risk, is borne by the migrant."

Lecturer Malia Lazu writes for Banker & Tradesman about the future of the Boston business community as Mayor Michelle Wu takes office. “At the end of the day, Mayor Wu’s priorities are not that different from those of the business community: transportation infrastructure that brings people to job centers, stronger schools that create pathways to jobs, climate resiliency that keeps city infrastructure stable in the future, affordable housing and a diverse workforce, among others,” writes Lazu.

Prof. Haoxiang Zhu has been named head of the U.S. Securities and Exchange Commission’s Division of Trading and Markets, “where he is expected to help the regulator lead major new policies around equity market structure, among other priorities,” reports Katanga Johnson for Reuters. 

Prof. Ernest Moniz speaks with On Point host Meghna Chakrabarti about President Biden’s recent infrastructure bill and the future of nuclear power in the United States. “Climate change is the problem of our time,” says Moniz. “And we need every tool at our disposal to address that. It’s about the emissions, not about one’s favorite or disfavorite technology and I think that’s the way we have to look at this. It’s all about getting to low carbon.”

The Washington Post Editorial Board highlights a new report co-authored by MIT researchers that finds keeping the Diablo Canyon nuclear power plant in California open would help the state reach its climate goals. "The experts project that keeping Diablo Canyon open just one more decade would cut California’s power-sector emissions by more than 10 percent, because it would burn far less gas, and save the state $2.6 billion in power system costs."

Los Angeles Times reporter Rob Nikolewski spotlights a report by researchers from MIT and Stanford University that finds keeping the Diablo Canyon Power Plant in California running would reduce electricity costs and help the state achieve its climate goals. “Nuclear plants – and Diablo Canyon is no exception – are one such clean and firm [source of] power capacity that we think should be preserved,” says Prof. Jacopo Buongiorno.

Forbes reporter Ken Silverstein highlights a joint study by MIT and Stanford researchers that finds that extending the California Diablo Canyon Power Plant will save customers billions while reducing carbon emissions. The researchers found that “if the plant stayed operational from 2025 to 2035,” writes Silverstein, “CO2 levels would drop by 10% a year and displace natural gas use, saving customers $2.6 billion.”

A new report by researchers from MIT, Stanford and other institutions finds that extending the life of the Diablo Canyon nuclear power plant in California should help the state meet its climate goals, reports Timothy Gardner for Reuters. The researchers found “delaying closure of the plant to 2025 would reduce California's carbon emissions from power plants by more than 10% from 2017 levels, reduce dependency on natural gas, and save up to $21 billion in power system costs.”

Speaking at the Fast Company Innovation Festival, Profs. Esther Duflo and Abhijit Banerjee underscored the need for “governments need to do better in addressing different needs within their populations, and providing variations of cash relief for different circumstances.”

Institute Professor Paula Hammond, head of MIT’s Department of Chemical Engineering, has been selected to serve on the President's Council of Advisors on Science and Technology, “a group of external advisers tasked with making science, technology and innovation policy recommendations to the White House and the president,” reports Alexis Gravely for Inside Higher Ed. Professors Maria Zuber, MIT vice president for research, and Eric Lander, the president’s science adviser and director of the White House Office of Science and Technology Policy, are two of the co-chairs for the council.

A new paper co-authored by Prof. James Poterba finds that not all projects to enhance infrastructure are worth investing in, reports David Harrison for The Wall Street Journal. “If we are going to commit a significant amount of resources to new infrastructure projects or to maintain our existing infrastructure, bringing some discipline to the way we decide what we’re spending on is an important element of this,” says Poterba.