"Profiteering has now become the number one profession of the developed world, and anything that does not generate short term profit is seen as wasteful."

That is very evidently wrong. Almost all major inventions around us are a result of at least some long term research.

Also, I don't see why anyone including the scientific community should feel entitled to any funding for long term research if no one sees any value in them.

Rest all sounds Obama like empty rhetoric to me.