Roosevelt Institute | Cornell University

Funding Innovation in the United States

By Jordan Roga Published November 9, 2014

Innovation has been an extremely important asset for growth in the United States economy. Concerns have emerged that we may lose our scientific edge as science is funded less. The sequester may further result in less scientific funding. Low funding of basic research, in particular, which drives the industrial research that has come to dominate spending, may ultimately hinder our industrial growth. As other countries further their support of basic research, the possibility of the United States losing a technological edge has become more real. Despite a low likelihood of large scale funding changes in the near future, the impact of this possibility on United States economics has begun to catch the attention of United States legislators and the President of the United States. The economic benefits of basic research and scientific research in general should be considered in forming future budgets, if the United States expects to maintain exponential growth.