The decline of America and the decline of its investment in research and development go hand and hand...
The federal government accounted for roughly 26 percent of total spending on research and development in the United States in 2008. That’s down from around 50 percent in the previous three decades.
Mr. Bernanke also said that government support for research and development financing was most effective if seen as a long-term investment in the economy.
Lags from basic research to commercial applications that can benefit the economy can be very long, he said. For instance, the Internet revolution of the 1990s was based on scientific investments made in the 1970s and 1980s.
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