A jobs strategy that both parties can agree on

Were nearly three years into the recession -- and our economy still shows few signs of life. The Department of Labor just announced that the country shed 131,000 jobs in July. Unemployment now stands at 9.5 percent.

Its not surprising that Democrats and Republicans agree that something must be done -- soon -- to stem the loss of jobs. Neither side, though, has offered a creative or comprehensive jobs strategy to turn the economy around. There is one strategy that could create jobs and generate support from both sides of the aisle: Biotech Innovation.

"Over the long run, few issues are as important to a nations long-term economic security and global standing as being a leader in moving life sciences forward," says Lawrence Summers, director of the White Houses National Economic Council.

Hes right. Innovation in biotechnology is the engine that could get our economy back on track. Yet neither party has forcefully championed this idea, even though its one of the few ideas that would elicit bipartisan support.

Enacting policies that will help this industry thrive is a painless way to create the jobs Americans desperately need. Its also a strategy on which lawmakers on both sides of the aisle can cooperate.

Biotechnology is racing along while the rest of the economy sputters. During the first year of the current recession, private-sector employment decreased by 0.7 percent. Employment in the biosciences, however, increased by 1.4 percent.

Its not just PhDs who are finding jobs in the industry. Research, testing, and medicals labs employed 2.1 percent more people in that time. The medical devices and equipment sector increased its workforce by 2.4 percent. The area of agricultural feedstock and chemicals did even better -- employment increased there by 4.6 percent from 2007 to 2008.

All told, the biotechnology industry employs more than 700,000 Americans. These arent just scientists - the industry depends on administrative assistants, business managers, computer professionals, groundskeepers, and engineers. Even better, the industry creates a powerful ripple effect. Biotech firms utilize construction workers, accountants, IT workers, daycare operators, and others.

These people are transforming the world. The cutting-edge medicines that the sector develops are making our lives better and longer -- pharmaceuticals have reduced heart attack mortality by more than half. Agricultural biotech is increasing crop yields, bringing down food costs, and reducing disease. These technologies help millions - across ...