Research vs. Practical job expirience

Here's an article to get a foundation going: http://www.scientificamerican.com/article.cfm?id=does-the-us-produce-too-m

(this is mainly centered around the US, but people not in the US are welcome to chime in too)

Since a lot of the members here are involved in some sort of university level science work, what are your personal opinions about this topic? What about private research firms? Do you think a life of applied science/math is not as 'academically rewarding' as research, or is it just as good?

Personally, I think there should be more of an emphasis on trade careers, such as welding or plumbing that could be obtained through community colleges (which many avoid due to the lack of college experience that their parents pay for them out of their own pockets), and especially medicine (nurses, PT, doctors, pharmacy, etc.)

However, what about 'foreign competition'? Is it simply a natural way for the free market to thrive?
 

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