POLICY Commerce Department urges investments to boost innovation, competitiveness

Abstract

The innovative capacity and economic competitiveness of the U.S. are declining, concludes a Jan. 6 report by the Department of Commerce. To reverse the trend, the report urges Congress to boost investments in three areas: basic RD education in science, technology, engineering, and mathematics (STEM); and infrastructure such as a modern electrical grid and broadband Internet access. “Federal funding for basic research, education, and infrastructure has simply failed to keep pace with economic growth,” Commerce Secretary John Bryson said during an event to release the report at the Center for American Progress, a think tank. “The innovative performance of the U.S. has severely slipped during the past decade,” he emphasized. The report, mandated by the America Competes Reauthorization Act of 2010, also makes the case for increased support for manufacturing. In addition, it calls for a simplified, enhanced, and extended corporate R&D tax credit and for immigration reform to enable ...