This article explores long-term trends in spending using data compiled from the "Training" magazine Annual Industry Survey from 1982 through 2008. It builds on literature that proposes spending on training is an investment that yields benefits--and that offers methods for demonstrating it. After adjusting for inflation, aggregate spending on training rose 1.5% between 1986 and 2008. Inflation-adjusted spending on training staff fell 14%, although inflation-adjusted spending on outside products and services increased 237%. Spending on training fell in all but two job categories. Findings support the belief that spending on training is falling but suggest that this is a sustained and systemic drop rather than a temporary response to an economic crisis. Also, expenditures on internal training resources have fallen, while spending on external resources has risen. A key limitation of this study is that it relies solely on data from the "Training" Annual Industry Survey. (Contains 14 tables and 1 figure.)