Today, the Washington Post published a letter from Google CEO Eric Schmidt laying out his five-step plan for turning around the economy around.

Here are the key points:

"Congress should ensure that every bill it passes promotes competition over protecting the interests of incumbents."

"If we want to be a leader in new industries such as green energy, we have to accept that some of our investments won't pan out."

"We need to extend the R&D tax credit so businesses can confidently invest in their future."

"Government-funded research should be made public through "a Wikipedia of ideas," so entrepreneurs can harness ideas commercially."