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Presidential Rivals' Visions Differ on Unleashing Innovation
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For decades, the United States dominated the technological revolution sweeping the globe. The nation’s science and engineering skills produced vast gains in productivity and wealth, powered its military and made it the de facto world leader.
Today, the dominance is eroding. In 2002, the nation’s high-technology balance of trade went south, and it never came back. By 2007, the annual gap between high-tech exports and imports had grown to $53 billion. The gap this year is expected to be the largest ever — approaching $60 billion.
Senator John McCain, the Republican nominee for president, seeks to encourage innovation by cutting corporate taxes and ending what he calls “burdensome regulations” that he says inhibit corporate investment. But Mr. McCain has also repeatedly gone up against business if he sees a conflict with national security, for instance, in seeking to limit sensitive exports.
In Senator Barack Obama’s view, the United States must compete far more effectively against an array of international rivals who are growing more technically adept. Mr. Obama, the Democratic nominee, looks to the federal government to finance science, math and engineering education and the kind of basic research that can produce valuable industrial spinoffs.
At the request of The New York Times, the Information Technology and Innovation Foundation, a nonpartisan research group in Washington, estimated the annual costs of the plans and put Mr. Obama’s at $85.6 billion and Mr. McCain’s at $78.8 billion, excluding his proposed reductions in corporate taxes.
“The pressures of an unfolding fiscal crisis make these priorities recede on the list of what politicians want to do,” said Robert Reischauer, director of the Congressional Budget Office from 1989 to 1995.
Nevertheless, there is wide agreement among economists and other experts that the capacity to innovate is central to growth, quality of life and success in the global marketplace — a point on which the candidates agree.
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