The Senate Appropriations Committee is holding a hearing today called “Driving Innovation Through Federal Investments” and what impact sequestration and other budget cuts are having on innovation in America.
Manufacturers for years have been the world’s leading innovators. We have the most patents and spend the most on research and development than any other industry. The NAM is an aggressive leader on behalf of manufacturers and ensuring their continued ability to innovate.
In many instances, manufacturers will partner with universities and the government on groundbreaking research that is much more difficult to achieve if these types of partnerships did not exist. What we have seen recently is that due to sequestration and across-the-board, indiscriminate budget cuts, the United States is facing an innovation deficit compared to other countries and their investment in innovation. The NAM warned of this potential “brain drain” – the innovation infrastructure, and the men and women behind it, must be constantly nurtured. Otherwise we will see it rust and eventually disappear.
The NAM co-chairs the Task Force on American Innovation, a group of leading corporations, universities, and professional societies supporting public-private partnerships, which weighed in with the Senate Appropriations Committee by submitting testimony for today’s hearing. The Task Force and other groups called on Congress to take a sensible approach to our nation’s fiscal challenges that allows wise investments in research and education and creates economic and job growth.
America is still the unquestionable leader in manufacturing and innovation. But we are risking that lead if we don’t close the innovation deficit.