While addressing the National Governors' Association Obama said, "We now live in a world that's more connected and more competitive than ever before. When each of you tries to bring new jobs and industries to your state, you're not just competing with each other but you're competing with China, you're competing with India, you're competing with Brazil, you're competing with countries all around the world."
"The US needs to make sure that it is the best place on earth to do business," he added.
"We need a skilled and educated workforce. A commitment to cutting-edge research and technology, and a fast and reliable transportation and communications network." That's how we're going to bring new jobs to America, and that's how we're going to win the future."
"Making these necessary investments would be hard at any time. But it's that much harder at a time when resources are scarce. After living through a decade of deficits and a historic recession that made them worse, we can't afford to kick the can down the road any longer," Obama said.
Vice President Joe Biden also had the same views. He said that while US is still ahead of these countries, many Americans believe that they have already lost the race to India, China and Brazil.
"I know you all know, but sometimes our constituents, you look at some of the polling, they think we've already lost the future to China. They think we've already lost the future to India. They already think we are behind the eight ball," Biden said.
"We are still better positioned than any country in the world -- any country in the world -- to own the 21st century economically. Our GDP is bigger than that of China, Japan and Germany combined," he asserted.
"We're in a situation where, here in the United States of America, the median income is close to USD 50,000. In China, it''s USD 4,500. We wish them better," he said.
Biden said that if Americans take right steps than they have overwhelming prospect -- an overwhelming prospect -- of not only recovering here in the United States but leading the world in the 21st century.
"We may have a different prioritization, however, we all know we have to do something about the long-term debt. We all know that we have to do something about preparing ourselves to compete in the future in terms of education, innovation and infrastructure," he added.