Top US executives of computer and software companies have asked that the new Obama administration to increase spending for research in science and technology and education if it wants keep up with countries like India and China.
Unless the government boosts spending on science, technology, engineering and mathematics (STEM), companies like Apple, Cisco, Hewlett-Packard (HP), IMB, Microsoft and Oracle could be eclipsed by foreign rivals, just as Ford, General Motors and Chrysler have been, a magazine quoted them as warning.
Some in the Silicon Valley, the news magazine says, see trouble on the horizon.
These include top executives at HP, who say they see a looming disaster, not just for HP, but for the entire US tech industry.
This may sound far fetched or hysterical, says but points out that HP isn't a place given to hysteria.
This is the world's largest tech company, an outfit that did $118 billion in sales last year and earned a net profit of more than $8 billion.
HP also operates one of the world's leading industrial research labs, with 600 scientists working under the direction of Prith Banerjee, an Indian-born computer scientist with a background in academia and start-ups.
Banerjee says the rest of the world has been rapidly boosting spending on science and technology while the United States has been, in effect, scaling back. "There is a perfect storm headed toward our tech industry," he says.
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