Matt Towery

It was the early 1980s when a little-known but forward-thinking young congressman named Newt Gingrich submitted to the White House a list of ideas for the content of President Ronald Reagan's upcoming State of the Union address.

Gingrich's suggestions were summarily dismissed as being a little too out of this world, and because they came from someone not in the high leadership circles of the Republican Party.

Prime among the congressman's supposedly far-out notions was for Reagan to announce federal tax credits or deductions to families who bought a new electronic gadget -- the personal computer.

Fast-forward to now. The latest public opinion polling numbers show that for the first time, President George W. Bush (narrowly) trails the collective pool of Democratic or other challengers in the race for president. As Bush's popularity and the lingering effects of economic recession both may be bottoming out this fall, it's becoming increasingly clear that his chances for re-election will parallel the state of the economy.

Happily for Bush, the stock market and corporate profits are both rising, consumers are showing signs of renewed retail spending, and unemployment may even be declining.

But for the long term stretching past the 2004 election, the foundations of our economy are going to hinge on what the U.S. economy has always required

-- genuine innovation. And that's something we haven't seen in a while.

It's not hard to trace the arc of new technologies that have fueled the engine of America's economy since World War II. Most of them seemed futuristic at the time, but quickly became what greased the wheels of today's world economy. In the 1950s, it was the proliferation of household electronic appliances, especially the television set and the media-intensive culture it spawned.

In the late 1950s and early 1960s, it was advancements in aeronautics. That made commercial travel by jet airplane a part of everyday life, and triggered a new age of business among partners formerly too distant to conduct commerce with one another.

Then came the 1980s and the early rumblings of what Gingrich predicted

-- the public's embrace of computers (and cable television) for everyday use. By the 1990s, the phenomenon of the Internet exploded into our lives. In no time, people stopped saying they'd never heard of the Web and started saying they had to have access to it, and further, they had to invest in its technologies and applications.

Notice anything missing from this sketchy timeline of the late 20th century's key innovations? Perhaps a period noticeably excluded? It's the 1970s. And therein lies the parallel with this, the first decade of the new millennium.

Matt Towery

Matt Towery is a pollster, attorney, businessman and former elected official. He served as campaign strategist for Congressional, Senate, and gubernatorial campaigns. His latest book is Newsvesting: Use News and Opinion to Grow Your Personal Wealth. Follow him on Twitter @MattTowery