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The article offers information on the author's insights on the national innovation foundation to address the failure and insufficiency in creating innovative and competitive economy for higher standards of living and economic growth in the U.S. He mentions the innovation systems as industry-driven led by large manufacturing and technology-based industries and the limitations on basic research funding, educational support for scientists and engineers, and the intellectual property law system maintenance under the federal role in innovation. He talks about the changes in innovation system as it faces more market competition on products from other countries and in consumer demand and preferences.

The article discusses the issue on the economic growth in the U.S. Economic growth issue is one of the main public agenda in the fast approaching presidential election in November 2008. Policymakers develop alternative solutions that would help lessen the economic downturn and the collapse of the housing industry. Economists foresee that innovation is the primary key to sustain long-term economic growth. The country's federal policy agenda focuses on innovation through the form of the 2007 America COMPETES Act. The said law provides higher federal support for research and developments. The country has been recognized as one of the world leader in technological innovation and high-value-added production.