Until somewhat recently America had an advantage in commercialising the basic research. But now increasingly we fund some basic research to the tune of tens of millions of dollars only to see it commercialised overseas (often by China but by others too), often when technical know how is exfiltrated and patents ignored. This reduces the expected benefit of funding the research.

Science has been a big part of the US dominant lead but I think it is quite a stretch to say it is how America ascended. Historically it is better case that America ascended through industrial and commercial might which led to the victory in WW2 (in which the nuclear bomb was a small footnote in reality--much more important after).

The growth gains are how the funding produces an eventual return but this is increasingly globalised (i.e. there is not always a particular gain to Americans). Some company in Europe might be the one which wins the market, giving everyone lower prices but only the european taxpayer a special gain. There is a kind of tragedy of commons here. Science is probably advanced the most when there is a dominant industrial commercialising power which foots the bill?