No offense here, but it seems to me that funding R&D for such things as aviation, medical research, and other things is money well spent and as a matter of fact, promoting the general welfare of the nation in a very big way and is wholly consistant with good policy based on the many results from it. I'm not one for downplaying the US lead in Innovation and other areas for whatever the reason, looking at it from a pure statistics stand point, the US represents a small percentage of the worlds population , but yet, we lead the world in many catagories. One other thing of note here, and this is a personal view, to express that our Govt. has been around longer than perhaps some is a testament to this nation not so much a thing to be used as a disadvantage for others. To my knowledge though, the UK has been around just a little longer than we have. A few other things that come to mind as well, even though some of these Nations were rebuilt from the ashes of WW2 with the Marshall plan the innovations that came from them helped our nation innovate even further, with such thihngs as the jet engine from the UK and rocket technology from Germany.
Here is a paper from Pitt. I thought was a a good read on the subject in case anyone is interested.
http://aei.pitt.edu/2231/01/002220_1.PDF