Much of the economic growth in the U.S. over the past 50 years was generated by technological innovation and scientific discovery. For example, according to a report by the U.S. Office of Science and Technology Policy (OSTP), about two-thirds of the 80% gain in economic productivity in the U.S. since 1995 is attributed to information technology, the development and implementation of which was made possible by both public and private investment in research and development.
The OSTP report notes that U.S. investment in R&D plays a major role in the current state of the world's science and technology. Funding for Federal Science an dTechnology (FS&T) activities-creation of new technologies is $57 billion. Funding of $57 billion is requested for Federal Science and Technology (FS&T) activities, which are central to the creation of new knowledge and technologies.