“In 2009, federal R&D spending on energy totaled $1.7 billion or a little more than 1/100 of 1 percent of GDP... Alternatively, it is just 55% of the $3.1 billion that will be spent in 2011 providing a tax benefit for employee parking,” Dr. Michael Greenstone said during Tuesday’s Joint Economic Committee hearing on “Promoting a Green Economy”.    If the lack of research funding doesn’t get you mad, then at least the government dropping $3.1 billion on parking should turn heads.  But what does research and development (R&D) funding have to do with promoting a green economy?

By William Schoell, Main Street Insider

Can you imagine walking by a street vendor trying to sell you the idea of gravity, or the chemical compounds of the Australian funnel web spider’s venom?  You are probably thinking there is not much value in those ideas.  Ideas and research like are considered basic research; fundamental research to better understand fundamental principles.  One can see that basic research does not command much “stand alone” value or in other words, basic research cannot command a market price.  Yet, basic research drives innovation and in turn inventions and job growth.  By the way, that Australian funnel web spider’s venom will someday be used in pain medication.