I agree.
Not exactly by a long shot.
More like the Reagan era in the US where the pressure to dissolve scientific opportunity was strongest against places that conducted tasks more like Bell Labs most of all.
Eventually "all" was lost as labs that did survive best were not primarily "research", but that was the component which was jettisoned in an attempt to stay afloat.
If the ball was not dropped that badly that far back, Chinese research and especially their military would still be decades behind without any doubts.
NASA would have been on Mars a long time ago.
So you've got a good point, you learn even more when you look directly at the USA and not 100 years back.
Especially if you want to see how it can have a lasting influence on understanding what you're doing wrong right now.