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A recent report from the Farm Journal Foundation and Chicago Council on Global Affairs says the U.S. needs to increase support for agricultural research and development in the next Farm Bill. The support would help make sure that farmers can keep feeding the world despite the challenges faced by agriculture. New innovations generated from agricultural research at land-grant universities and other public sector institutions can help increase farm productivity and economic growth. Despite that, public investment in agricultural R and D has declined in recent years.
The report says the 2023 farm bill is an opportunity to increase funding for agricultural R and D and ensure the U.S. is prepared for the challenges ahead. The USDA’s Economic Research Service says ag research provides one of the highest returns of any public research investment, generating $20 on average for every $1 spent. Public investment is needed to complement private-sector spending.
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