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And to boost our recovery, I’ve already proposed that all American businesses should be allowed to write off all the investments they do in 2011.  We want to jumpstart, starting next year, plants and equipment investment right here in Winston-Salem and all across North Carolina, and all across the United States of America.  (Applause.) 

To encourage homegrown American innovation we should make it easier to patent a new idea or a new invention.  And if you want to know one reason why more companies are choosing to do their research and development in places like China and India, it’s because the United States now ranks 24th out of 38 countries in the generosity of the tax incentives we provide for research and development.  So that’s why I’ve proposed a bigger, permanent tax credit for companies for all the research and innovation they do right here in America.  All of it.  (Applause.)

     Now, what’s also true is a lot of companies don’t invest in basic research because it doesn’t pay off right away.  But that doesn’t mean it’s not essential to our economic future.  Forty years ago, it probably didn’t seem useful or profitable for scientists and engineers to figure out how to increase the capacity of integrated circuits.  Forty years later, I’m still not sure what that means.  (Laughter.)  What I do know is that discoveries in integrated circuits made back then led to the iPod and cell phones and GPS and CT scans -– products that have led to new companies and countless new jobs in manufacturing and retail, and other sectors. 

That’s why I’ve set a goal of investing a full 3 percent -- not 2 percent, not 2.5 percent -- a full 3 percent of our Gross Domestic Product into research and development.  That has to be a priority.  (Applause.) 

If this is truly going to be our Sputnik moment, we need a commitment to innovation that we haven’t seen since President Kennedy challenged us to go to the moon.  And we’re directing a lot of that research into one of the most promising areas for economic growth and job creation –- and that's clean energy technology.  (Applause.)  I don’t want to see new solar panels or electric cars or advanced batteries manufactured in Europe or in Asia.  I want to see them made right here in America, by American businesses and American workers.  (Applause.)

I also want to make it easier for our businesses and workers to sell their products all over the world.  The more we export abroad, the more jobs we support at home.  We’ve got to change the formula.  We’ve got to flip the script, because what’s been happening is, is that we’ve been doing all the buying; somebody else has been doing all the selling.  (Applause.)  We’ve got to start selling and have them do some buying.  (Applause.)  And that's why we’ve set a goal of doubling U.S. exports in five years.  (Applause.)  And that’s why I’m pleased that last week, we came closer to meeting that goal by finalizing a trade agreement with our ally, South Korea.  This is a nation that offers one of the fastest-growing markets for American goods. 

Now, here in North Carolina and all across the country, there are a lot of people that say, trade, we’re not sure that that helps us.  It seems like maybe it’s hurt us in areas like furniture.  Look, right now the status quo -- South Korea is selling a whole bunch of stuff here and we’re not selling it there.  The current deal is not a good one for us. 

Think about -- there are a lot of Hyundais on the road.  (Laughter.)  But there aren’t a lot of Fords in Seoul, because the formula has been:  Let’s sign any trade agreement, let’s cut any deal, without thinking ahead about how this is going to impact America.  What this deal does is boost our annual exports to South Korea by $11 billion.  That means it will support at least 70,000 American jobs -- 70,000 American jobs.  (Applause.)

Now, the final area where greater investment will lead to more jobs and economic growth is in America’s infrastructure -– our roads, our railways, our runways, our information superhighways.  Over the last two years, our investment in infrastructure projects -- yes, through the Recovery Act -- have led to thousands of good private sector jobs and improved infrastructure here in North Carolina and all across the country.

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