I hope the trend swings back towards basic science research in the coming years. I recognize the usefulness of applied research, especially in the medical field. However, I feel that basic research can have truly untold benefits years or decades down the line.
A book that deals with this that I've had on my to-read list for quite a while is The Idea Factory: Bell Labs and the Great Age of American Innovation by Jon Gertner. Looks like it ought to be a good read.