Innovation and Growth

Bill Gates wrote today in the Washington Post a column titled, "How to Keep America Competitive". His main argument is that economic growth depends on innovation. The best designed and the most opened economy would not be competitive without the power of innovation that utilizes the market to produce growth. The most important element in innovation is the people. And if you want the best people you need the best education and research institutes and and you want the brightest people. Hence he calls for radical improvement and investment in the US education system. He also calls for attracting the brightest minds from around the world to live in the US, and making the immigration process easier on them.
I agree with Gates on his arguments, but the slow in growth that the US is going to feel on the coming years is caused by different problems and not due to lack in innovation. The US still has the best universities and research centers, and it is still attracts the best minds from around the world. The problems that will bring the US down are the debt both on the federal and personal levels. As long as Americans will continue to spend and not save, and think on Today vs. Tomorrow, the accumulating problems will continue to grow until they would bring the ultimate fall of the economy. The US will have to be very innovative to overcome its debt problems.