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Yet, despite the damage caused by ill-conceived subsidies or those that have outlived their intended purpose, other subsidies have been crucial in making our economy as innovative and productive as it is. For example, our system of public higher education is among the best in the world, yet it required massive public investment to build it and to keep up with population growth. And the U.S. would not have built a position of world leadership in information technology without large scale subsidies from the Defense Department that supported the semiconductor and computer companies in the 1950's and 1960's. We owe much of our current prosperity to these and similar programs that provided a decisive early lead in technologies that proved to be critical.
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