Proposals by President Bush in his 2006 State of the Union address to improve training of science teachers, increase federal funding for basic research, and enhance the climate for private investment in R&D are "necessary to preserve America’s high standard of living and its national and economic security," says a statement from the presidents of the National Academy of Sciences, National Academy of Engineering, and Institute of Medicine. The Bush administration’s proposals embrace many of the findings in the Academies’ report Rising Above the Gathering Storm: Energizing and Employing America for a Brighter Economic Future.

It's interesting that no one mentioned this in the discussion about Bush's address, considering how Rising Above The Gathering Storm was received here upon its publication:

Ultimately, going down this road is simply going to further drive our downward spiral in this regard.

The Academies presidents disagree:

We applaud President Bush's announcement of the American Competitiveness Initiative in his State of the Union address. This initiative is an important step in what we hope will be a multiyear bipartisan commitment to enhance the nation's innovation system. The Academies' recent report points toward solutions and helped to inform President Bush's initiative.

Be sure to check out the figure that shows how the federal government invented the iPod.

However, the Academies do hedge a bit in their conclusion, apparently trying to stem the enthusiasm:

The challenges America faces do not lend themselves to overnight fixes or simple answers. Achieving these goals will require a long-term, bipartisan commitment from a broad range of people working together -- including scientists, engineers, health professionals, educators, politicians, and industry leaders. We stand ready to offer policymakers our help as the country tackles these complex issues.

Enjoy this hard-hitting AP coverage:

The president's motorcade drove down Innovation Drive to visit a 3M business and graphics laboratory where a sign read "3M Innovation." The president and first lady Laura Bush saw a 77-ton diamond turning machine that uses measurements used in nanotechnology, which is in dimensions 10 times smaller than the human hair.

Finally, a typically off-the-cuff Presidential quote:

"The role of our government is to create an environment in which the entrepreneur can flourish, in which minds can expand, in which technologies can reach new frontiers." – President George W. Bush, May 2001