After some general remarks, this paper presents a brief overview of the relationships among science technology and politics. This is followed by an examination of the seven most important technological revolutions of the past five centuries, laying a foundation for consideration of recent trends in US Research and Development and our investments within them. The paper concludes with an examination of the impact of President George W. Bush’s proposed budget for science and technology in the 2002 fiscal year. This paper is based on the Sheffield Lecture delivered by Dr. Bromley at Yale University, March 22, 2001.