When a major innovator in our society tells Congress that the United States is behind other countries in technological innovation, this must raise a red flag.

Microsoft Chairman Bill Gates did just that when addressing the House Committee on Science and Technology in Washington on Wednesday.

Here's an excerpt from his speech:

I know we all want the U.S. to continue to be the world's center for innovation. But our position is at risk. There are many reasons for this, but two stand out. First, U.S. companies face a severe shortfall of scientists and engineers with expertise to develop the next generation of breakthroughs. Second, we don't invest enough as a nation in the basic research needed to drive long-term innovation. If we don't reverse these trends, our competitive advantage will erode. Our ability to create new high-paying jobs will suffer.

Let's hope we can get the funding needed for innovation, so the United States can better compete in the world, as Gates suggests.