February 14, 2011 Leave a comment
Today marks the release of President Obama’s proposed budget for Fiscal Year 2012. Every year the budget announcement is marked by jockeying and spin on both sides of the aisle. While the annual unveiling of the budget serves to spark ample discussion as to what an administration is prioritizing, it is worth exploring what the budget has to say about innovation.
Within this year’s budget is a section titled, ‘Competing and Winning in the World Economy.’ The proposals in this section, focused on innovation and American competitiveness, include preparing 100,000 STEM teachers, increasing investment in R&D, updating infrastructure, and doubling American exports. However, a number of the President’s proposals appear to face an uphill battle in Congress, including investments in energy innovation.
Given the current fiscal constraints the federal government is in, the President’s budget also takes into account the costs of these investments. In order to increase revenue the budget proposes to reduce the deficit by $10 billion through spectrum reallocation. Critics, meanwhile, claim that this figure might not be accurate as the estimates vary as to the revenue to be generated.
Posted by: Clark Taylor
Sources: marketplace, the hill, whitehouse.gov