> this would absolutely gut higher education research in the US
It will also gut undergraduate education.
All of our science labs are taught by graduate students. As it is, we have more classes than PhD students to teach them. For a few semesters, we've been forced to ask one of our undergraduates to lead a lab. If the bill passes, the university will likely cut classes offered.
This will not only disrupt a semester, but entire degrees. Introductory Chemistry, for example, is a requirement for other upper-level classes. If students can't get into a section, they will have a chain reaction of delayed classes and increased time to graduation. I suspect it will increase the dropout rate of undergraduates as well, beyond the PhDs who decide to drop out with a master's.
Further, the publishing of science will be hurt. Work is mostly done by grad students and postdocs. Not all labs have enough funding for a postdoc, but all of them in our department (chem) have grad students. Without workers, the work can't be done.
Likely, we'll have to rely on more affluent international students to come and suffer through the PhD process. Hopefully they'll stay, but they may leverage their degree into a strong position back home where their family and friends are, and where people speak their language.
American students who have the money to do a PhD probably won't. It's incredibly hard and abstractly rewarding, and academia is not a path to much wealth or power.
Poor kids with a work ethic won't be able to work their ass off through undergrad and get to a PhD program where they only need to worry about work.
The tradeoff of saving for retirement and accruing career momentum will be replaced with students doubling their loan burden to get through the 4 years of undergrad and the 5 years of grad school. Good thing they removed the ability to deduct interest payments.
The American Dream is deep in my heart, and they made the edges razor sharp.