CED Advocates for Bold Steps in Science and Technology
The Committee for Economic Development (CED) urges significant action to maintain US leadership in the fields of science and technology. Public investment in research has historically catalyzed transformational advancements, ranging from the development of the internet to major breakthroughs in healthcare and renewable energy. However, the current landscape reveals that federal research and development (R&D) constitutes just 3% of the US budget—this is a stark decrease compared to its level three decades ago.
It is clear that while the US has traditionally led the world in innovation, this position is under threat. A surge in global competition, notably from nations like China, combined with decreased investment at home, jeopardizes the nation's ability to continue being an innovation leader.
Outlining a Strategic Approach
A recent CED report lays out a comprehensive national strategy designed to enhance federal investment, improve oversight, broaden talent pipelines, and foster public-private partnerships. David K. Young, President of CED, emphasizes, "To maintain our lead amidst advancements in artificial intelligence and increased geopolitical challenges, we need to return to the foundational strategies that fueled US innovation. This entails making responsible investments in research, nurturing talent, and building impactful partnerships."
Enhancing Oversight and Evaluation
One critical recommendation involves improving the oversight and evaluation of public R&D expenditures. This initiative aims to foster trust in how public funds are managed and allocated.
- National security can be bolstered by refining the vetting process for researchers, thus reducing potential security risks.
- Adopting rigorous financial accountability measures will enhance tracking of the return on investment (ROI) of publicly funded research and assess its impact on innovations in the private sector and job growth.
- Enhancing coordination across federal agencies can help eliminate redundancy in both extramural and intramural research, facilitating better efficiency and effectiveness in managing resources.
Public-Private Partnerships for National Priorities
The value of various public-private partnerships in driving scientific research and technological advancements cannot be underestimated. Policymakers are encouraged to explore additional strategic partnerships focusing on national priorities.
- Existing models such as DARPA and ARPA-E have demonstrated success and could be expanded to other critical domains, including semiconductor technology and advanced agriculture initiatives.
- By using successful projects like the Apollo Program as frameworks, policymakers can define essential national objectives in areas like energy, cybersecurity, and health, guiding investment priorities.
- Aligning R&D with procurement practices will nurture emerging technology markets and ensure access to advancements for government agencies.
Building a Skilled Workforce
A robust, highly skilled workforce is vital for achieving R&D goals and sustaining scientific leadership. The following actions are essential:
- Congress should allocate more resources to expand fellowships and training programs aimed at cultivating new researchers.
- A proposed pathway to permanent residency for international STEM graduates who have worked on federally funded projects would enhance the talent pool.
- To keep pace with labor market demands, an increase in employment-based visa allocations is advisable, along with expedited processing for STEM professionals.
- Connecting public-private partnerships with education initiatives will enhance access to internships and apprenticeships in STEM fields.
- Investments in STEM education and workforce training are necessary at all academic levels to prepare individuals for careers in an evolving technological landscape.
Prioritizing Research Funding
To reinforce the US position in global research, it is essential to prioritize funding for R&D while improving evaluations and oversight.
- Investment should focus on both extramural and intramural research initiatives across various federal agencies.
- Federal appropriations must meet and exceed the levels Congress has set forth in authorizations.
- A broader geographical and institutional scope for federal R&D initiatives will aid in addressing regional disparities in research capabilities.
- Addressing the backlog in maintenance of federal research facilities will support ongoing scientific inquiries.
- Safeguarding research efforts against changes in indirect cost policies is imperative.
About The Conference Board
The Conference Board serves as a member-oriented think tank dedicated to providing trusted insights into future trends. Established in 1916, it operates as a non-partisan, non-profit organization and is recognized under 501(c)(3) tax-exempt status in the United States.
The Committee for Economic Development (CED) functions as the public policy wing of The Conference Board. This nonprofit, nonpartisan body, led by executives from leading companies, is committed to analyzing and devising rational solutions to current policy challenges impacting the nation. CED's board comprises industry leaders from over 30 sectors, representing a workforce of more than 4 million individuals.
Frequently Asked Questions
What is the current state of US investment in research and development?
Public investment in R&D currently accounts for just 3% of the US federal budget, significantly lower than it was three decades ago.
Why is it important for the US to maintain its leadership in science and technology?
Maintaining leadership is crucial to ensure continued innovation, economic growth, and national security, especially in the face of increasing global competition.
What strategies does the CED propose for improving R&D?
Strategies include bolstering federal investment, improving oversight, fostering public-private partnerships, and ensuring a highly skilled workforce.
How can public-private partnerships support scientific research?
Such partnerships can facilitate the allocation of resources, provide diverse inputs into research initiatives, and help address national priorities effectively.
What role does education play in sustaining innovation?
Investing in STEM education and workforce training is essential for preparing a skilled workforce capable of driving future innovations in technology and science.
