The paradox of U.S. innovation - Most jobs are created abroad & majority of income is captured by a few in the U.S.

President Obama said the following during a televised address on June 22, 2011:  "We must unleash innovation that creates new jobs and industry, while living within our means."

President Obama also said the following during a June 28, 2011 speech in Bettendorf, Iowa, at an Alcoa aluminum rolling mill:

"And what you've learned is that if you want to beat the competition, then you've got to innovate."

The article stated "Obama stressed the importance of innovation in order to create new domestic manufacturing jobs."

Chrystia Freeland, the editor of the Thomson Reuters Digital has written an excellent article using scholarly research by other authors on who is benefitting from America's Innovation.  In every era, one can study a sector of the U.S. economy to understand the driving forces behind jobs and income.  In this era, it's the Apple iPod, and here's the summary of who has benefitted from this innovative product:

• In 2006, the iPod created 41,170 jobs worldwide, only 13,920 or 1/3rd of which were in the U.S.
• 6,101 U.S. Apple engineers and professionals or only 15% of the iPod work force worldwide earned 50% of total income of $1 billion generated by iPod in that year.

So in summary, America's innovation sends most jobs abroad and a majority of the beneficiaries of the income generated are a few in the U.S.

That's technology and globalization working in tandem for America.