Question -1: Innovation and the Economy. Science and technology have been responsible for over half of the growth of the U.S. economy since WWII, when the federal government first prioritized peacetime science mobilization. But several recent reports question America’s continued leadership in these vital areas. What policies will best ensure that America remains a world leader in innovation?
Answer
Barack Obama:
I believe that in order to be globally competitive in the 21st century and to create an American economy that is built to last, we must create an environment where invention, innovation, and industry can flourish. We can work together to create an economy built on American manufacturing, American energy, and skills for American workers.
I am committed to doubling funding for key research agencies to support scientists and entrepreneurs, so that we can preserve America’s place as the world leader in innovation, and strengthen U.S. leadership in the 21st century’s high-tech knowledge-based economy. To prepare American children for a future in which they can be the highly skilled American workers and innovators of tomorrow, I have set the goal of preparing 100,000 science and math teachers over the next decade. These teachers will meet the urgent need to train one million additional science, technology, engineering and math (STEM) graduates over the next decade.
Mitt Romney:
Innovation is the key to economic growth and job creation, and increasingly important to American competitiveness in the global economy. Three-quarters of all U.S. economic growth, and three-quarters of the U.S. productivity advantage over other OECD nations, is directly attributable to innovation, and wages in innovation-intensive industries have grown more than twice as fast as other wages in recent decades.
My plan for a stronger middle class will rebuild the American economy on the principles of free enterprise, hard work, and innovation. The promotion of innovation will begin on Day One, with efforts to simplify the corporate tax code, reform job retraining programs, reduce regulatory burdens, and protect American intellectual property around the world.
A Growth Agenda
Over the course of my campaign, I have laid out a detailed economic plan that seeks to strengthen the American economy by empowering entrepreneurs and workers and rewarding innovation. This plan emphasizes critical structural adjustments to promote growth rather than short-term fixes.
Human Capital. We must reform America’s legal immigration system to attract and retain the best and the brightest, and equip more Americans with the skills to succeed. I will raise visa caps for highly skilled foreign workers, offer permanent residence to foreign students graduating with advanced degrees in relevant fields, and restructure government retraining programs to empower individual workers and welcome private sector participation.
Taxes. We must pursue fundamental tax reform that simplifies the tax code, broadens the tax base, and lowers tax rates. I will lower the corporate tax rate to 25 percent, strengthen and make permanent the R&D tax credit, and transition to a territorial tax system. I will cut individual income tax rates across the board, and maintain today’s low tax rates on investment. And I will ensure that these changes are made permanent, so that investors and entrepreneurs are not confronted with a constantly shifting set of rules.
Regulation. We must reduce the power of unaccountable regulators by requiring that all major regulations receive congressional approval and by imposing a regulatory cap that prevents the addition of new regulatory costs. In a Romney Administration, agencies will have to limit the costs they are imposing on society and recognize that their job is to streamline and reduce burdens, not to add new ones.
Trade. We must open new markets for American businesses and workers. I will create a Reagan Economic Zone encompassing nations committed to the principles of free enterprise. At the same time, I will confront nations like China that steal intellectual property from American innovators while closing off American access to their markets.
Education. America’s K-12 education system lags behind other developed nations, and while our higher education system remains the envy of the world its costs are spiraling out of control. We must pursue genuine education reform that puts the interests of parents and students ahead of special interests and provides a chance for every child. I will take the unprecedented step of tying federal funds directly to dramatic reforms that expand parental choice, invest in innovation, and reward teachers for their results instead of their tenure. I will also ensure that students have diverse and affordable options for higher education to give them the skills they need to succeed after graduation.
Basic Research.President Obama’s misguided attempts to play the role of venture capitalist, pick winners and losers, and spend tens of billions of dollars on politically-prioritized investments have been a disaster for the American taxpayer. Yet at the same time, we must never forget that the United States has moved forward in astonishing ways thanks to national investment in basic research and advanced technology. As president, I will focus government resources on research programs that advance the development of knowledge, and on technologies with widespread application and potential to serve as the foundation for private sector innovation and commercialization.
A Foundation for Innovation
The private sector is far more effective at pursuing and applying innovation than government could ever be. However, there are key areas in which government policy must strengthen the ability of the private sector to innovate effectively.
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