1/Today's Substack post is about the U.S. vaccination effort.

It's not good enough. BUT, it's better than almost the entire rest of the world!

And I don't think Americans have collectively realized this fact yet.

noahpinion.substack.com/p/the-us-vacci…
2/This is not yet enough vaccination.

New variants are spreading, some more transmissible, some more antibody-resistant. To outrun them, we need to keep ramping up both production and distribution as quickly as possible.

bloomberg.com/graphics/covid…
3/BUT, while it's not good enough yet, the U.S. is ahead of nearly every country in the world!

Israel is tops, as everyone knows. But the only sizeable country ahead of the U.S. is the UK.
4/But while the UK is ahead by the most commonly used measures (first doses and total doses), the U.S. is ahead in terms of how many people have received BOTH doses.

The UK, which is intentionally giving out only single doses for now, isn't even on the chart.
5/That could end up being a problem, as a recent study shows that BOTH doses of the Pfizer vaccine are required to generate a robust antibody response against the South Africa variant.

theguardian.com/world/2021/feb…
6/Anyway, back to what the U.S. is doing right. Though we stumbled in our initial distribution, our distribution has basically kept pace with our production ramp-up. That means we're being at least somewhat efficient.
7/But the biggest reason we're ahead of almost the entire world is that the rest of the world has mostly stumbled in various ways.

Here's an article about the EU's vaccination travails.

politico.eu/article/europe…
8/And Asian countries, despite their vaunted public health systems, have not been fast to vaccinate either.

time.com/5929657/asia-v…
9/China, which has been praised by many as a model of effectiveness during the pandemic, has badly lagged the U.S. even though they got a big head start on vaccine development!

wsj.com/articles/china…
10/The U.S. and U.S.-German mRNA vaccines have extremely high efficacy. Higher than any other vaccines in the world! (Though Russia's vaccine appears to be a close second. Go Russia!)
11/But perhaps most importantly, the mRNA vaccines can be modified much more quickly to address resistant strains.

That's going to be VERY important if a strain escapes the vaccines, and it's going to be helpful for fighting the South Africa variant.

cleveland.com/coronavirus/20…
12/mRNA vaccines are a marvel of modern science. Their development involved a very far-sighted, long-term process of government research funding, corporate investment, and entrepreneursip.

statnews.com/2020/11/10/the…
13/Of course, mRNA vaccines are a complex technology with many inventors, but spare a moment to say "thank you" to @kkariko, who did as much or more than anyone to create this technology (which now may be used against cancer and many other diseases!).

cnn.com/2020/12/16/us/…
14/So who gets the credit for the U.S. relative vaccination success? Regarding vaccination development and pre-purchase, the Trump administration actually did well for once. But they stumbled when it came time for distribution.

politico.com/news/2021/01/1…
15/Biden, fortunately, is doing a lot to fix distribution.
16/But crediting Presidents is completely inadequate. This was a huge group effort, involving heroic amounts of work cooperation, sacrifice, and creativity across many walks of life -- government, business, academia, and just regular old volunteers.

This is a SYSTEM success.
17/And the success of the American system has astonished me. Our failures with testing, lockdown, and PPE seemed like a harbinger that we were in steep decline, just a year ago! Yet here we are, racing ahead on vaccines.

bloomberg.com/opinion/articl…
18/It seems like I was wrong. There is a broad and deep reservoir of resilience and strength in the American system.

I should have remembered the Space Race, where we got off to a slow start but came from behind to win it.
19/America has this thing where we scream and scream about how royally screwed we are, all while we're racing to catch up.

And once we do catch up...watch out.
20/Anyway, there is much to be improved about our vaccination effort still. We should still be deeply dissatisfied and working hard to make things better.

But we should also recognize our fundamental strength. Don't count America out!!

(end)

noahpinion.substack.com/p/the-us-vacci…
Oh, and if you like this sort of writing, make sure to sign up for my Substack's free email list!

noahpinion.substack.com

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More from @Noahpinion

13 Feb
1/Today's Substack post is about Biden's chances of becoming a truly transformational president -- someone who will move U.S. economic policy onto a leftward track, as Reagan once moved it onto a rightward track.

noahpinion.substack.com/p/is-biden-the…
2/Political scientist Stephen Skowronek has a theory that says we're due for a "reconstructive" President who will define a new paradigm for the next few decades.

thenation.com/article/archiv…
3/Like most people, I thought Biden would be an incrementalist centrist who would get little done other than restoring competence and morality to the executive branch (and that alone would have been plenty of reason to vote for him!).
Read 15 tweets
13 Feb
1/OK folks, let's talk about BITCOIN!!

Many many people have proclaimed the death of Bitcoin over the years, but it looks like it's here to stay.

noahpinion.substack.com/p/triumph-of-t…
2/Remember the big Bitcoin bubble and crash of late 2017/2018?

Well if you bought at the TOP of that bubble, you've now TRIPLED your investment.
3/In fact, this is typical. Asset classes that experience bubbles and crashes usually recover.

Here's the NASDAQ (in inflation-adjusted terms). It's way past its 2000 bubble peak!
Read 23 tweets
12 Feb
1/Here's a @bopinion post about why we need a National Population Strategy.

People don't realize it, but our country is headed for the kind of rapid aging that other rich countries have experienced.

bloomberg.com/opinion/articl…
2/First let's talk about fertility rates.

America used to have substantially higher fertility than other rich countries. That is pretty much over.
3/Much of this is due to a huge decline among Hispanic women's fertility rates.

(Which in turn was driven by the end of large-scale Hispanic immigration.)

childtrends.org/publications/h…
Read 14 tweets
9 Feb
In today's @bopinion post, I explain why we need to do more than just give people cash. We need to make sure that everyone has access to affordable housing, health care, transportation, and nutritious food.

bloomberg.com/opinion/articl…
This reiterates what I've been saying for a long time, but it's also a response to @elidourado's post on the same topic!

medium.com/cgo-benchmark/…
Whereas @elidourado focuses on using new *technology* to get low-income Americans the basic necessities of life, I argue that in the crucial areas of housing and health care and transportation, what's really needed is better *policy*.
Read 5 tweets
7 Feb
1/So, economists are debating whether Biden's COVID relief bill is too large.

I think this debate has been misframed somewhat, by thinking of the bill as "stimulus". In fact, it's more like retroactive social insurance.

noahpinion.substack.com/p/covid-relief…
2/In this thread, Olivier Blanchard uses Keynesian concepts such as the output gap and the fiscal multiplier to analyze the size of the bill, and argues that it's too large.

3/The fear is that if the bill is too large relative to the "output gap", then the economy will experience rapid inflation, forcing the Fed to raise interest rates, which will hurt growth.

Read 12 tweets
2 Feb
1/Today's @bopinion post is about debt and green investment.

There is no reason to fear deficit spending for this kind of investment.

bloomberg.com/opinion/articl…
2/John Kerry recently declared that we would do “so much economic investment made by people up and down the economic food chain that no future president can reverse it.”

That's going to require a lot of borrowing. But that's OK!

bloomberg.com/opinion/articl…
3/First of all, the actual amount Biden wants to spend -- $170 billion a year -- is very modest compared with the amount of government investment we did in the 50s and 60s.
Read 10 tweets

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