September 21st, 2009
01:10 PM ET

Financial Dispatch: Pres. Obama urges investment in high-tech education

[cnn-photo-caption image=http://i2.cdn.turner.com/money/2009/09/21/news/economy/obama/obama_090921a.03.jpg caption= "President Obama speaks in Troy, N.Y., about his high-tech education investment plan."]

Andrew Torgan

CNN Financial News Producer

President Obama today promoted his plans to make the nation's economy more stable in the future by investing in education for high-tech industries. Speaking at Hudson Valley Community College in Troy, N.Y., the president emphasized the need to encourage entrepreneurship and international competition. He also reiterated his call for increased investment in green energy technology, electronic health records and manufacturing advanced vehicles.

"Our strategy begins where innovation so often does: in the classroom and in the laboratory - and in the networks that connect them to the broader economy," the president said in prepared remarks. "These are the building blocks of innovation: education, infrastructure, and research."

The Obama Administration says under its new innovation strategy $100 billion of economic stimulus funds will be used to support innovation, provide additional support for education, infrastructure and other investments. Along those lines, President Obama said over the weekend that despite signs of economic recovery, the country will not see large-scale job growth until next year.

In a wide-ranging interview broadcast Sunday on CNN's "State of the Union," Pres. Obama said reversing job losses from the recession will come at the end of the recovery period, not the start.

“I think we'll be adding jobs, but you need 150,000 additional jobs each month just to keep pace with a growing population,” Pres. Obama said. “So if we're only adding 50,000 jobs, that's a great reversal from losing 700,000 jobs early this year, but… it means that we've still got a ways to go.”

Assignment Detroit

In many ways, Detroit is “ground zero” for this recession.

The city is facing 25% unemployment and much more severe underemployment. The city has been shedding jobs every month since October 2005. Detroit Mayor Dave Bing may even have to put the city in receivership by October 1st or lay off 1,000 city workers.

So how do people survive in this city, how is it trying to stage a turn around, how do businesses make it? CNNMoney.com’s Poppy Harlow is on assignment in Detroit for special new coverage dedicated to the city by CNNMoney.com and Time Inc.

Beware “living trusts” scams

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To find out what to be on the lookout for, click here.

Wall Street wavers

Stocks slipped Monday as investors were cautious after the more than six-month long rally on Wall Street.

The major averages touched fresh 2009 highs on Friday and shook off pervasive calls for a September sell-off. Since bottoming at a 12-year low on March 9, 2008, the S&P 500 has gained 58% and the Dow has gained 50%, as of Friday's close. Since bottoming at a 6-year low, the Nasdaq has gained 68%.

But this week could get off to a slow start. On Tuesday, the Fed begins its two-day meeting on interest rates, with a decision and statement expected Wednesday afternoon. Many investors are likely to sit on the sidelines until they hear what the Fed has to say.

Follow the money… on Twitter: @AndrewTorganCNN

Filed under: 360° Radar • Andrew Torgan • Economy • Finance • President Barack Obama
soundoff (10 Responses)
  1. Erik - Saratoga, NY

    For one day in Upstate NY, despite the difference of opinions , the Capital Region was proud to play guest to President Obama and Jill Biden. The Albany/Saratoga Region has been coined "Tech Valley" and with the development of both nanotechnology and semiconductor research and production, gives hope to all factory towns and cities across the US that at one time carried the US economy on it's back.

    With the necessary investment in our Nation's education system and the belief that businesses of all sizes can succeed in this country, we will see better days.

    September 21, 2009 at 11:14 pm |
  2. Andre

    How we as parents doing a better job of raising our children. If your child can't read on his grade level, that's not only the schools fault but also the parents! Get real people we can only do so much in public education when we only see your students for maybe 50 minutes a day. You are with your children a lot more than we are.

    September 21, 2009 at 9:21 pm |
  3. Jack W. Orf

    Obama left out the most important building block of innovation: PROFIT.

    September 21, 2009 at 5:22 pm |
  4. Mari

    IF we do not invest in our children's education, you can kiss our "wealthiest, most powerful nation status" goodbye! Our kids can not compete unless we give them the best education money can buy!

    September 21, 2009 at 4:58 pm |
  5. Gates

    I have a solution to force Financial Companies (all industries) to manage their risks more effectively. This is one of the silver bullets this country needs in order to turn the economic state around. Feedback to the Whitehouse......it is virtually impossible to break through the email and phone screening red tape to get ideas through to the Whitehouse to make necessary economic change. Will you broker a private meeting with Ben Bernanke, the President or the Vice President to discuss real solutions to the problems our economy is facing. I have 23 years of executive management experience (Risk Management) with the largest global financial company and I can help the government and regulators better control not only the financial sector but all industries.

    September 21, 2009 at 4:19 pm |
  6. Tim Gibson

    One would only assume that additional printing press'es for the failing American dollar are also in the works to fund all this massive "investing" by congress and the take over of free enterprize leading to one payer system for everything, paid to Uncle Sam.

    September 21, 2009 at 3:33 pm |
  7. Jim

    Lets get The Low tech Education fixed first. No Child Left behind was a JOKE- I know a 15 year old that cannot Cursive write, has trouble with spelling, vocabulary that he should have learned back in 5th grade in North Carolina. Invest in a Congressional investigation as to why There are Poeple being PAID & NOT DOING THERE JOBS in the Schools,Social Services,Police,Judges In North Carolina.

    September 21, 2009 at 2:42 pm |
  8. Lisa in CA

    It's nice that we'll be investing in high tech industries - we've been doing that for the last 20-30 years, starting back in the early 80s. But what about those who do not have a capacity for high tech? Why not also invest in the trades as well. College, while a nice dream, is not always for everyone. The Trades provide that option. And let's face it, there will always be a need for mechanics, plumbers, electricians, etc. And there is absolutely nothing wrong with a little grease under the finger nails. These jobs should be not be looked down on and no one should be made to feel like a failure because this is their profession.

    September 21, 2009 at 2:14 pm |
  9. moiraesfate

    Its about time a President invested in the future and stopped catering to mediocrity. I'm glad Obama is the man to do it.

    September 21, 2009 at 1:54 pm |
  10. Enough

    Any time this man says the word "investing" in, watch out, more taxes and fees on the way...........just like the cap and tax. What about investing in more nurses, doctors and hospitals to cover the growing need for Obamacare?

    September 21, 2009 at 1:20 pm |