Congressman Auchincloss: New CBO Analysis Shows Trump Cuts to R&D Programs Will Harm the U.S. Economy
Washington, D.C. - As the Trump Administration continues to attack federal research and development (R&D) investments, new analysis from the nonpartisan Congressional Budget Office (CBO) confirms that these investments spur economic growth and reduce the long-term cost of innovation.
This analysis, requested by Congressman Jake Auchincloss (MA-04) and House Budget Committee Ranking Member Brendan F. Boyle (PA-02), demonstrates that increasing federal investment in nondefense R&D over the next 10 years would boost the nation’s real economic output over the next three decades due to increased innovation and higher productivity. The increased federal investment would also reduce the cumulative federal deficit over the next 30 years. CBO’s analysis also indicates that cutting federal R&D investments would have the opposite effect, reducing economic growth.
“Funding science is a good investment. Every dollar spent returns multiples from which all Americans benefit, through higher standard of living, healthier families, and national defense,” said Congressman Auchincloss. “I am encouraged that the CBO is quantifying the bounty of science, as it will support Congress in investing in our future.”
“Federal R&D investments drive innovation, create jobs, and help keep America competitive,” said Ranking Member Boyle. “In Philadelphia, we see the impact every day through cutting-edge medical research and a growing R&D sector that supports good-paying, stable jobs. This report makes clear that these investments strengthen our economy and reduce the cost of innovation. It also shows that Trump’s cuts to R&D programs are short-sighted and harmful. They stall progress, threaten jobs, and put our future at risk.”
Read CBO’s new analysis here.