Government spending continues to drive R&D growth: Fueled mostly by large non-industrial investments, U.S. R&D spending is expected to grow nearly 3.6% in 2005, its largest forecast improvement in four years

摘要

In the 1990s, industry drove dramatic growth in U.S. R&D following one of the longest economic growth periods in U.S. history. After the high-tech bubble burst in 1999 and 2000, the largest increases in government R&D spending in a decade took up the slack as many industries cut their R&D increases to stay financially solvent. And in an uncertain 2003, with a recession seemingly in decline, homeland security jitters, and a growing budget deficit, the outlook was still optimistic for increased R&D growth. In 2004, the economy was continuing to improve, but not as fast as many had expected. There were still the uncertainties of homeland security, the outcome of a presidential election, and the long-term economic issues of an increasing trade deficit and now record federal budget deficits.