Eakinomics: The Vaccine Era Begins

The most important story over the weekend was that the Pfizer COVID-19 vaccine was given an Emergency Use Authorization by the Food and Drug Administration (FDA) and began shipping to the states. This is an enormous accomplishment. Operation Warp Speed is a tremendous partnership between the public and private sector that has quickly provided a vaccine that will save lives and help end the crisis. How quickly the pandemic can be tamed is of central importance and the press is filled with calculations regarding vaccine shipments, herd immunity, and the like.

Unfortunately, all the papers are also carrying a story like The Wall Street Journal’s “As Pfizer’s Covid-19 Vaccine Rolls Out, Next Step Is Getting People to Take It.” There is widespread hesitancy to take the COVID-19 vaccines because the speed with which they have been developed raises questions of safety. And in some communities, there is long-standing distrust of the federal government and its public health initiatives.

There should be no concern that steps were skipped. The FDA has taken extraordinary care to ensure that the vaccine is safe and effective, and people should have great confidence in all the vaccines. There will be the chance to watch the Pfizer vaccine in action in the United Kingdom. And there will be powerful testimonials in the form of vaccinations by former presidents. The question is whether that will be enough to shift public sentiment.