With growing competition from countries like China and India, now is not the time for America to walk away from research and development. Now is the time to invest even more...so that the great innovations of this century take place in the United States of America," Obama said in his
remarks on economy in Cleveland, Ohio.
"My plan to encourage innovation isn't about throwing money at just any project or new idea. It's about supporting the work of our most promising scientists, our most promising researchers and entrepreneurs," he said.
Obama announced that his plan would make the R&D tax credit permanent.
"But the private sector can't do it alone, especially when it comes to basic research. It s not always profitable in the short term," he said.
"In the last century, research that we funded together through our tax dollars helped lay the foundation for the Internet and GPS and Google, and the countless companies and jobs that followed. The private sector came in and created these incredible companies, but we, together, made the initial investment to make it possible," said Obama.
Meanwhile, Obama Campaign has urged people to support the US President in his re-election campaign.
"In this election, we face a choice between two fundamentally different visions of how to grow the economy. The path Mitt Romney and his Republican allies want to take us down is exactly the one that led us to the 2008 crisis. We have to reject those policies and embrace the President's
vision of growing the economy, not from the top down, but from the middle class out," wrote David Axelrod, from the Obama Campaign in an email.
"We need to invest in our best scientists, researchers, and entrepreneurs so they innovate here - not cede new ideas to countries like China and India," he said noting that the US needs to lead through innovation.