Does Obama's "'Sputnik' moment" idea from the State of the Union speech make any sense?

Nope, says my mom, and I agree. That whole post is worth reading, but here's the gist:

If you remember how Sputnik felt — and I do — you'll probably say, but there is no equivalent of Sputnik. There are just a lot of countries, full of human beings, trying to get ahead economically, like us — not against us. There's no race with dramatic consequences for the winners and losers, and there's no impressive physical object that signifies that bad guys are winning the race. If you don't remember Sputnik, you're like: Sputnik?

I found last night's speech very dull, and I turned it off less than an hour into it. The idea that we're supposed to be alarmed that other countries are making too much progress relative to us, and that this is going to be our motivation to make economic and technological progress, leaves me cold. I wonder how many people honestly share this view (as opposed to people who are merely willing to echo Obama's point because they support Obama).

I don't care if we're #1 or #2 or #10 out of 200 countries, by whatever metric has been agreed on by experts. In fact, being #1 is a burden. I'd like to try being #2 for a while. Let another country take on the role of being officially at the top, and see how they like it. It hasn't been uniformly wonderful for the United States to have that distinction. I care so much more about whether this is a nice place to live.

UPDATE: Over on my mom's blog, a commenter named "Revenant" makes a good point:

Sputnik was launched by a genocidal Communist dictatorship that was not only our sworn enemy, but capable of destroying all life on Earth. That's why Sputnik was shocking. We were "losing" to an enemy that had the capacity to obliterate us.

Our biggest modern rival, China, is a mere regional power whose economy relies on exporting goods and services to... er, us and our allies.