Reforming America’s patent system will accelerate economic growth and job creation, and expand America’s ability to innovate, according to a new report released today by the U.S. Department of Commerce. The paper, titled “Patent Reform—Unleashing Innovation, Promoting Economic Growth and Producing High-Paying Jobs,” was authored by the Commerce Department’s Chief Economist Mark Doms, the United States Patent and Trademark Office’s (USPTO’s) Chief Economist Stuart Graham and USPTO’s Administrator for External Affairs Arti Rai.

New measurement will complement but not replace existing statistic

The Commerce Department’s U.S. Census Bureau is preparing to develop a Supplemental Poverty Measure that will use the best new data and methodologies to obtain an improved understanding of the economic well-being of American families and of how federal policies affect those living in poverty. The initiative to create the new statistic is included in the President’s FY2011 budget proposal.