"Our standard of living doesn't allow us to compete for low wage jobs," said Otellini, who added that the biggest threat to the U.S. was an erosion of education.

Intel made Tuesday's announcement in Washington, which, as part of its stimulus, is also about to pump billions of dollars of , and a variety of programs likely to increase demand for information technology and products made by Intel.

Otellini pointed to many areas in the more than $800 billion in stimulus that he supports, while also calling for a "culture of investment."

It's an argument he appears to have backed up with his own $7 billion investment Tuesday.