I originally read the phrase as "an erosion of both morals and excellence" and I think that reading holds up quite well, in or out of context. But the header here is the correct form. It is part of a larger post by DemFromCT at Daily Kos:
There have been two major problems with the Bush approach to science. One has been the placement of political minders in various positions to influence the science reporting. The other has been a philosophical acceptance that private industry should have a role in regulating the regulators. It's hard to say which has been the biggest disaster. The end result is an erosion of both morale and excellence in the science community. Both results are unacceptable, and require a ballot box response to right the ship (and, in the meantime, suggest an excellent set of questions to address to the candidates). Science research needs to be encouraged and nurtured, not held captive to political and commercial interests.
Read it all here.