Google Chairman: Economy Needs Stimulus, Not 'Ludicrous' Spending Cuts

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"That's been true for 100 years. It's been true of the industrial era for the last, literally, century," Schmidt said. "And over and over again, American ingenuity has meant that the people who were displaced were able to find new jobs in these new industries.

"There's every reason to believe that if the political system could come to a consensus around stability, solving these short-term problems and get the investment that I'm describing, that we can take care of the rest," he said.

"Serving Customers or Threatening Competition?"

Schmidt is scheduled to testify Wednesday at a Senate judiciary sub-committee hearing, sparked by growing concerns that Google has grown into a monopoly that has stifled competition in the Internet search business. Both the European Commission and the U.S. Federal Trade Commission have begun inquiries into various Google business practices.

"The government has a proper job to do here. I think it's fine that they're investigating these sorts of questions," Schmidt said, saying he is looking forward to the hearing. "They haven't really complained about anything yet. But they're looking and I think that's appropriate, in a democracy."

The Senate hearing is billed as "The Power of Google: Serving Customers or Threatening Competition?" A major concern raised by Google's critics and its competitors is that the company limits competition by favoring its own affiliated websites through its search engine.

"From a Google perspective ... as long as we've stayed focused on the end-users, we end up doing the right thing and staying on the right side of these laws," Schmidt said. "We don't take the position of judging what our consumers are looking for. ... We're here to serve consumers and do it quickly.

"We have an opportunity to communicate what we're doing. Senators have an opportunity to communicate their concerns, and I think that's very good," he said. "We won't know for a long time ... but I'm pretty comfortable that we're in pretty good shape."

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