Mitt Romney on Technology Former Republican Governor (MA)

Two-part innovation: improve the old; invent the new

In an effort to make existing products better and to make them more efficiently, innovation in the use of capital has long been major source of productivity growth. A great deal of what had previously done by hand was now performed by robots. Capital innovation had led to fewer workers, better product quality, and greater productivity.

Innovation may also improve the way in which labor is organized and utilized.

National R&D spending OK; picking winners not OK

The realities of that marketplace sort out those that have potential for growth and sustainability and those that do not. Attempting to substitute government for the roles carried out by entrepreneurs, angel investors, and venture capitalists while also bypassing the unforgiving test of the free market is a very bad idea indeed.

A road project isn’t going to stimulate the economy now

The Big Dig solved a problem, but cost way too much to do

A: Someone has remarked that the biggest cars [are made] in the US and most expensive, too. It’s solved a problem, but it cost way too much money to do. It was very badly managed. Building a road project, you have to get designs, you have eminent domain, you get the engineers to approve it. It takes years and years and years to get a road project. So it’s a wonderful idea, but it’s not related to the short-term economic stimulus.

AdWatch: More change in next 10 years than in 10 centuries

Many are pessimistic. I’m not.

In the next 10 years, we’ll see more progress, more change than the world has seen in the last 10 centuries.

Our next president must unleash the promise and innovation of the American people.

I’m ready for that challenge. The future begins now.

I’m Mitt Romney and I not only approve this message, I’m asking for your vote

FactCheck: Ludicrous exaggeration to compare 10 centuries

The ad features Romney talking straight to the camera, exuding confidence and optimism and saying “I’m ready” to “unleash the promise and innovation of the American people.” We have no quarrel with that; any candidate is entitled to lay out goals.

A Romney spokesman said he didn’t mean what he said as fact, calling the statement “a metaphor.” We call it a ludicrous exaggeration. Lacking a crystal ball or time machine, we can’t predict the future. But based on available evidence we judge Romney’s claim to be so far beyond the usual bounds of campaign exaggeration as to be worthy of ridicule.

To compete globally, invest in education and technology

Invest in nanotech and materials science

• On investing in technology: “Our national investment in technology comes from both the private and public sector. However, corporations today spend more on tort liability than they do on research and development. While the government already invests heavily in defense, space, and health technologies related to power generation, nanotechnology, and materials science.”
• On the rate of profit on technology investment: “In technology we as a country already invest an enormous amount--for instance, in defense technology, space technology, health--but we also need to invest in some of the emerging technologies that are important at a basic science level, such as fuel cell technology, power generation, materials science, automotive technology. We have to recognize that where we invest as a nation, both from a government standpoint but also from a private standpoint, those are the areas we’ve been most successful.“

Invest in infrastructure from growing economy by lower taxes

A: There’s no question--if you really want to make some money in this country, really get some money so we can repair our infrastructure and build for the future, the biggest source of that is a growing American economy. If the economy is growing slowly, when tax revenues hardly move at all, and, boy, you better raise taxes to get more money for all the things you want to do. But if the economy is growing quickly, then we generate all sorts of new revenue. And the best way to keep the economy rolling is to keep our taxes down. Our bridges--let me tell you what we did in our state. We found that we had 500 bridges, roughly, that were deemed structurally deficient. And so we changed how we focused our money. Instead of spending it to build new projects--the bridge to nowhere, new trophies for congressmen--we instead said, “Fix it first.” We have to reorient how we spend our money.