Note the emphasis on job creation with almost exclusively service sector Internet jobs.
What's driven manufacturing overseas is not the Internet but the Box. Yet somehow we can continue to innovate, with Microsoft, Google, Facebook, Twitter and Groupon all US made and continue to employ most of their workers in the US. Apple has had great hits with its physical devices like the iPhone and iPad but they are manufactured overseas. Even the next great fork design could easily come from the US even if those forks are made in China.
Our economy won't be won by keeping inefficient foundries in the US rather by improving on what we do best. As Obama puts it in the State of the Union.
Our free enterprise system is what drives innovation. But because it’s not always profitable for companies to invest in basic research, throughout our history, our government has provided cutting-edge scientists and inventors with the support that they need. That’s what planted the seeds for the Internet. That’s what helped make possible things like computer chips and GPS. Just think of all the good jobs -- from manufacturing to retail -- that have come from these breakthroughs.
Half a century ago, when the Soviets beat us into space with the launch of a satellite called Sputnik, we had no idea how we would beat them to the moon. The science wasn’t even there yet. NASA didn’t exist. But after investing in better research and education, we didn’t just surpass the Soviets; we unleashed a wave of innovation that created new industries and millions of new jobs.
This is our generation’s Sputnik moment. Two years ago, I said that we needed to reach a level of research and development we haven’t seen since the height of the Space Race... We’ll invest in biomedical research, information technology, and especially clean energy technology -- an investment that will strengthen our security, protect our planet, and create countless new jobs for our people.Today Obama releases his budget for 2012 that should have dramatic cuts in many programs but growth for scientific research. It's going to be interesting.