"When I graduated from college, I competed with graduates from my community for jobs. A few years later, graduates were in competition with jobseekers from all over the country. When my 8-year-old daughter graduates from college, she will compete with graduates from all over the world. The world is getting smaller, and that's why it's critical that the U.S. ensures its places as a leader in innovation for years to come," summarizes Rep. Bart Gordon (D-Tenn.), chair of the US House Science and Technology Committee.
We need not only to keep producing the world's best scientists and engineers, but we need to ensure that all of our children are prepared to step into the technical, high-paying jobs of the next century. I'm encouraged that the White House had been engaged on this issue, with the president's speech this week and the release of a white paper on a strategy for innovation.
The U.S. has a vested interest in ensuring that we develop not only new technologies but also better ways to make existing products. Half the world's workers make less than $2 per day. We cannot -- and do not want to --compete on wages. We need to have faster, more efficient means of production to ensure that products are made here in the U.S.
Changes in technology are the only source of permanent increases in productivity, according to a 2001 report by the National Bureau of Economic Research.
The Manufacturing Extension Partnership at NIST is the only program of its kind to help keep small American manufacturers on the cutting edge by enhancing growth, improving productivity and expanding capacity.
He points out that technological innovation surpasses financial and real estate economic benefits. Hmmm....
"About half the growth in our GDP since World War II is related to development and adoption of new technologies. We spend less than 3 percent of our GDP on R&D, which offers an incredible return on investment, for the government and businesses alike. Unlike the recent boom and bust of the financial and real estate markets, technological advancements can provide long-term, sustainable economic growth."
Read more of Rep. Gordon's excellent editorial.