Five years ago, the federal government spent $169 billion to fund basic research and development. This fiscal year, it’s down to $134 billion.
People who believe in public belt-tightening applaud declines like that. I understand why: There are many reasons to reduce government spending.
ut in this case they’re wrong. We need to boost the government’s investment in R&D, not slash it.
Let’s begin with the federal government’s record, which is nothing short of impressive.