Slashing R&D Funding: A Macroeconomic Disaster

A new analysis reveals the devastating long-term economic consequences of cutting federal funding for scientific R&D. Reducing public R&D spending by 25% would shrink GDP comparably to the Great Recession. Halving it would impoverish the average American by roughly $10,000 (in today's dollars). Furthermore, such cuts would significantly reduce federal revenue; a 25% reduction leading to a 4.3% annual decrease, and a 50% cut resulting in an 8.6% annual decline. Agencies like NIH and NSF, crucial for funding basic and applied research, face funding freezes and downsizing, highlighting the urgent need to address this issue.