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Posted by: Michael Mandel on February 05
I won’t believe that the U.S. is serious about global warming until I see the feds start throwing real money into R&D into energy and environment-related R&D. After all, no matter what your political views, everyone can agree that more R&D in energy and the environment can only be a good thing.
Unfortunately, that’s not happening yet. Bush’s 2008 budget, released today, proposes a 1% increase in real R&D spending on these four categories—energy, atomic energy, natural resources and environment, and transportation. That’s 1%.
Our commitment of resources looks even more meager in historical perspective. In real terms, proposed environment and energy R&D is 17% below where it was in 1993, and more than 40% below its peak in 1979. As a share of GDP, environment and energy R&D is half what is was in 1993.
Here’s two charts that shows where we are:
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.