Majority Leader Eric Cantor just wrapped up a speech to students and faculty at Stanford today, lauding the private sector as a source of innovation in our economy. Absolutely true. We have the most dynamic private sector in the world.
You can find Cantor's speech here.
Cantor's point is that the people, not the government will generate jobs and growth:
Individual initiative in the private sector has been and always will be the wellspring of America's prosperity provided we don't stifle it.
Also true.
But Cantor, while hailing the innovation that comes out of Stanford's famous labs, failed to mention that federal and state governments lavished $36 billion on university research in 2009. The federal government is the largest source of university research dollars. And Stanford is one of the top universities in the country receiving federal dollars for research.
Turns out a lot of government money is involved in helping along private sector innovation.
Source: http://www.pbs.org/nbr/blog/2011/03/majority_leader_eric_cantor_sp.html
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