What should America's growth strategy be?
In the State of the Union address, President Barack Obama laid out an economic strategy with five pillars: innovation, education, infrastructure, deficit reduction, and governmental reform.
We have asked leading experts to set forth their ideas for promoting employment and long-run economic growth. Today we have contributions from Bruce Stokes, contributing editor at the National Journal, and Robert Atkinson, president of the Information Technology and Innovation Foundation.
Bruce Stokes:
In his State of the Union address January 25, 2011, president Barack Obama mentioned the word "manufacturing" just once. This was the only time in his three such speeches to Congress that he has uttered the "M" word. The president's failure to acknowledge, even in passing, a sector of the economy that accounts for 11 per cent of America's GDP is a metaphor for his administration's disdain for manufacturing as an important contributor to the nation's future wellbeing.
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Robert Atkinson:
In evaluating the President's plans it is useful to think about "the Four T's" - Tech, Talent, Taxes and Trade. The Administration's agenda is rightly grounded in restoring innovation fundamentals in the Tech and Talent front. Obama's call to significantly increase federal support for scientific and technological research is critically needed....
Winning in the new global innovation economy requires more than expanded support for technology and talent, it requires support for the other two "T's": Tax and Trade.
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