Yep.

Norm Augustine, retired chairman and CEO of Lockheed Martin, says America is losing its edge in innovation.  Here are some bitter comments from Slashdot.
Yes, we do have a problem.  And solutions are lying all around – pretty much all spelled out in the linked article and comments.  But these ideas won't be implemented.  Why?  Once again, see Pournelle's Iron Law of Bureaucracy.