The case for increased public spending on basic research has never been stronger. Since the onset of the pandemic, the demand for innovation in vaccine development, semi-conductor technologies to ease shortages, power storage to support various forms of renewable energy, and cyber networking capable of defending against digital attacks are among the numerous examples that have underscored the need for the US to return to being the uncontested leader in science and technology. Increased investment is made all the more urgent if we are going to successfully meet the challenges of a post-pandemic economy.
Other countries, particularly China, are making leaps to catch up. Though the U.S. has steadily increased its total R&D spending over time, its global share of R&D expenditure has fallen significantly. Left unchecked, that deterioration will inevitably lead to a corresponding economic decline. We need to reinvest now, smartly and decisively, to ensure our economic future.
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