The U.S. has not kept up with other countries when it comes to investing in new technologies and it’s having an impact, especially in the rivalry with China.
Efforts are underway to bolster the U.S.'s standing in the technology landscape. For example, the pending United States Innovation and Competition Act of 2021 would authorize $110 billion for basic and advanced technology research over a five year period. Investments in basic and advanced research, commercialization, and education and training programs in AI, semiconductors, quantum computing, advanced communications, biotechnology, and advanced energy, amounts to $100 billion.
It's important, particularly with regard to national security and issues involving the economy, that both sides learn to work together and find consensus and compromise, Panetta said. Having both sides willing to listen to one another, work together, and find consensus"goes to the heart of what democracy is all about," he said.
Some of these companies are among the strongest competitors in the world on the technology front, Panetta says. The need for government and the private sector to work together is especially vital given the fact that the U.S. is facing significant cyber security risks such as ransomware. The federal government needs to partner with private sector businesses to foster advances in information security.
The key to dealing with cyber threats from China, Russia, and other nations is to develop deterrents, and show these countries that the U.S. is strengthening its position so that it has the ability to respond to cyber attacks.
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