But that same entrepreneurial skill is being stifled at every turn. How long can the US keep the "edge" when we can't even seem to have the political will to build a good 21st century power grid?
This is definitely a cause for concern. Historically, as a country, we have idolized the entrepreneurial spirit and have encouraged risk taking while not fearing failure. The successful entrepreneur is an American hero who has always been richly rewarded.
I can't think of another country that has developed this as a defining element of their culture. My concern is that government could negatively impact this process by increasing regulation and taxation. At some point, our elected representatives are going to have to enact serious tort reform. The proliferation of frivolous lawsuits will most certainly stifle risk taking.
We are still the world leader in almost every area of technology. The direct impetus for technological innovation and progress is (and has always been) the entrepreneurial search for profits and a competitive economy.