Biden Attacks American Companies for Not Spending More on ‘Research and Development’

EXCERPT:

BIDEN: “The remaining 37% goes to dividends, which makes sense, but leaves 9% for everything, according to the study out of the University of Massachusetts, everything from salaries, employment, research, development. 9 percent. So, folks, you know, we used to invest in research and development in this country, about 2.4% of all that we did, making us the leading country in the world in change and research and development. We now do 0.7%. The Chinese are eating our lunch. They’re eating our lunch economically. They’re investing hundreds of billions of dollars in research and development. That’s why right now, if it keeps going this way, they’re going to own the electric car market in the world. They're going to own a whole array — we got to compete. We got to compete.”