Dennis Overbye, in the New York Times, has some thoughts about science . You should also read the letter by David Gross and Eric Kandel on the Financial Times about why the stimulus package should also include science research.
You should also be aware of the findings of the National Academy of Science ( I linked to the executive summary page) regarding the future of Science in the US.
Here are some further random comments that I picked up (with the understanding that I don’t really know who the writers are).
Of course, there is Cosmic Variance as well (and I know who these guys are).
I have a plethora of opinions about this subject, not just because I am a scientist and fashion myself as an armchair economist (and who isn’t?). However, I would need to spend quite a lot of time articulating them and I have been rather short of free time lately. In the meantime, I look forward to more debate on the issues and I pray that this part of the budget doesn’t get scrapped as part of the usual horse trading in DC.