"Out-compete any other nation." Really?

President Obama talks about competition and international trade, which are Paul Krugman's forte.  What does Krugman have to say?  Ahem, the I wonder if the President will read this Krugman column:

Take the case of General Electric, whose chief executive, Jeffrey Immelt, has just been appointed to head that renamed advisory board. I have nothing against either G.E. or Mr. Immelt. But with fewer than half its workers based in the United States and less than half its revenues coming from U.S. operations, G.E.’s fortunes have very little to do with U.S. prosperity.
By the way, some have praised Mr. Immelt’s appointment on the grounds that at least he represents a company that actually makes things, rather than being yet another financial wheeler-dealer. Sorry to burst this bubble, but these days G.E. derives more revenue from its financial operations than it does from manufacturing — indeed, GE Capital, which received a government guarantee for its debt, was a major beneficiary of the Wall Street bailout.

When Krugman writes like this with facts and logic, it is a sheer pleasure to read his columns, as against the rare ones where he gets a tad shrill.
Anyway, Krugman has more:

Mr. Obama himself may do all right: his approval rating is up, the economy is showing signs of life, and his chances of re-election look pretty good. But the ideology that brought economic disaster in 2008 is back on top — and seems likely to stay there until it brings disaster again. 

Doesn't sound all too good.