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Text of the letter:
The Task Force on American Innovation, representing a broad and diverse cross section of companies, universities, and professional societies, is deeply concerned about the impact of the upcoming budget sequestration on federally funded basic scientific research, both defense and nondefense. We strongly urge you to reach an agreement on measures that not only enable you to prevent the sequestration from occurring but also achieve significant long – term deficit reduction.
Long – term deficit reduction, with the resulting stabilization of the national debt, is essential to our nation’s economic security. The current trajectory of deficits and debt is unsustainable.
We know that it is easier to state the problem than it is to solve it. However, as you consider potential measures for reducing deficits, we urge you to keep our nation on an innovation path that makes it possible for our economy to grow and our citizens to prosper. Ultimately, the point of fiscal responsibility is to provide a better life for all Americans, especially future generations. And while reducing deficits is necessary for achieving long – term prosperity, it is equally necessary that we continue to prioritize spending on science and technology. For more than half a century, breakthrough scientific and engineering research has provided the foundation for innovation and economic growth.
We believe that all parts of the federal budget should be on the table for deficit reduction. Thus far, however, nearly all deficit reduction measures have focused on discretionary spending, which is where both defense and nondefense research funding is based.
Research drives innovation, productivity,, job creation , and economic growth. Technological advances such as the laser, the Internet and the Web, GPS, and the large – scale integrated circuit all had their origins in long – term research. These advances were the consequence of federal policies that directly funded long – term research, provided incentives for private investment in technology development, and stressed the importance of science and engineering education. Indeed, economic analyses generally attribute more than half of all economic growth in the United States since the end of World War II to technological advances.
Today, however, a good part of the world is catching up with our scientific competence, and in some areas has surpassed it. Nations such as China and India are pouring resources int o developing their research capacities and their human capital in STEM (science, technology, engineering, and mathematics) fields, helping them over the long term to challenge our economic as well as our military leadership. If we do not continue to advance our research capacity as well as remedy our nation’s deficiencies in STEM education, we run the risk of falling behind our competitors.
We urge you to take actions that prevent the upcoming budget sequestration and enable this generation to leave future generations a legacy not of excessive debt and limited prospects but of renewed technological leadership and economic opportunity.