The debate over embryonic stem cell research is NOT about the use of the cells for research, it is all about PUBLIC FUNDING of embryonic stem cell research.
There are several stem cell avenues of research that are ongoing now, and have been for decades, using private research funds, and these are advancing due to the fact that they are yielding promising treatments, and potential cures.
Embryonic stem cells have, thus far, shown little value in generation of new treatments, and, as a result, private funds are being directed elsewhere. Should this avenue of research show promise, there would be billions in private funding from biomedical and pharma companies available for use.
Liberals, and some "moderates" see this as an issue where the pro-life crowd is stifling the advance of science, and have therefore adopted it as an issue that they can use to bash the Christian conservatives. Since the "evil corporations" won't step up to the plate, liberals think that the government should fill the funding gap, so that this type of research can go forward, whether it generates results or not.
I don't think that any thinking person would object too strongly to research on embryos that are destined for destruction anyway, but the pro-life folks (correctly so) see this as the beginning of an effort that will result in the intentional creation of embryos that are to be used for research only, along with the incentivazation of sale of reproductive cells by people attempting to raise money. I think that there is merit to this part of the debate, as nowhere in the discussion have any of the proponents of such activities established any limits on where the method of development of these embryos will become unacceptable.
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