Technological innovation has been responsible for at least 75 percent of the growth in the American economy since World War II and will be critically important to both economic recovery and improved U.S. competitiveness going forward. It is therefore encouraging that both President Barack Obama and Governor Mitt Romney acknowledge the central role that science, technology, and innovation play in driving economic growth and have developed specific policy positions on these issues. For instance, President Obama, “believe[s] that in order to be globally competitive in the 21st century and to create an American economy that is built to last, we must create an environment where invention, innovation, and industry can flourish.” Likewise, Governor Romney holds that, “The hallmark of the U.S. economy is its constant ability to innovate [and] to develop and deliver new products and services.”
Unfortunately, despite the obligatory acknowledgment of innovation’s central role in U.S. economic growth, the 2012 campaign has not yet seen a serious conversation emerge regarding the policies sorely needed to revitalize U.S. innovation-based economic competitiveness. Moreover, rather than adopt an “all of the above” approach to innovation policy that includes corporate tax and regulatory reform as well as increased federal investment in research and development (R&D), digital infrastructure, and skills, the candidates stress policies from “each column,” with Governor Romney focusing more on the former and President Obama more on the latter. This is unfortunate. For, as we write in the book Innovation Economics: The Race for Global Advantage, U.S. policymakers need to recognize that the United States is engaged in a fierce race for innovation-based economic growth. To win this race, the United States will need to adopt a new, bipartisan Washington Innovation Consensus that places science, technology, innovation, and entrepreneurship at the center of economic policy-making and recognizes that both parties bring good ideas to the table in this regard. If the United States is to emerge from the current anemic recovery and put its economy on a solid growth footing for the future, the next president will need to put spurring the innovation and productivity growth potential of the U.S. economy at the center of the agenda and pursue a wide range of policies to achieve this.
The Information Technology and Innovation Foundation (ITIF) releases this report putting the spotlight on the candidates’ technology and innovation policies with the aim of amplifying the national dialogue around bolstering innovation-based economic growth. The report begins with an overview of each candidate’s general philosophy on technology, innovation, and trade policy, and then compares the candidates’ specific policy positions across 10 policy areas:
- Innovation and R&D
- Energy Innovation
- Tax
- Manufacturing
- Trade
- Education and Skills
- Broadband and Telecommunications
- Regulation
- Internet/Digital Economy
- Life Sciences and Biotechnology
The report is based on information gathered directly from the campaigns’ websites and policy documents or from media reports of statements made by the candidates. In some cases where a candidate has not articulated a specific position, the candidate’s record while in office or the position of the candidate’s party (as reflected in the Democratic or Republican party platforms) is used as a proxy.
ITIF is a non-partisan research and educational institution—a think tank—focused on innovation, productivity, and digital economy issues, and does not endorse either candidate. Rather, this report seeks to provide a factual, impartial comparison of the candidates’ technology and innovation policies.
Read the full report.
