Obama's remarks came in Washington in a speech to the U.S. Chamber of Commerce, group the president has feuded with extensively over the past two years. Specifically, he urged U.S. companies to invest some of the $2 trillion sitting on balance sheets back into economic growth. Citing examples of the merits of new growth initiatives, Obama made these references in his speech:
"The key to our success has never been just developing new ideas; it's also been making new products.So Intel pioneers the microchip, then puts thousands to work building them in Silicon Valley. Henry Ford perfects the assembly line, and then puts a generation to work in the factories of Detroit. That's how we built the largest middle class in the world. Those folks working in those plants, they go out and they buy a Ford. They buy a personal computer. And the economy grows for everyone. And that's how we'll create the base of knowledge and skills that propel the next inventions and the next ideas.
"Right now, businesses across this country are proving that America can compete. Caterpillar is opening a new plant to build excavators in Texas that used to be shipped from Japan. In Tennessee, Whirlpool is opening their first new U.S. factory in more than a decade. Dow is building a new plant in Michigan to manufacture batteries for electric vehicles. A company called Geomagic, a software maker, decided to close down its overseas centers in China and Europe and move their R&D here to the United States. These companies are bringing jobs back to our shores. And that's good for everybody."
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