This research seeks to describe the continuing predicament of R&D funding in the U.S. and to provide support for a return to higher R&D spending as a proportion of GDP to maintain American leadership in innovation. Historically, government investment has funded most foundational scientific research leading to technological advances in communications, recording, and networks, including global positioning systems to the Internet. The U.S. has been leading in research and development. However, that investment leadership position is in question due to declining proportionate government support for R&D. The R&D function in private enterprise is ill-equipped to support long-term innovation, which will reward competitors. Past and current research evidence shows that public R&D investment leads private investment and furthers the strategic goals of innovation and economic growth. The COVID-19 pandemic led to unprecedented public research commitments to the rapid development of drugs, vaccines, and various protective and medical equipment. The long-term impact of this public investment on innovation is not clear. According to some theories, the trend of declining U.S. public investment in R&D will negatively impact U.S. economic growth.