The purpose of Obama’s speech was to announce the creation of “Manufacturing Innovation Institutes” in Chicago and Detroit to develop cutting, edge technologies and translate them into commercial products
At a White House event promoting manufacturing innovation, President Obama said, “I’m here to announce that we're building Iron Man,” after ticking off advances in cloud computing, metallurgy and weapons building.
The audience broke up laughing at the joke and Obama clearly enjoying himself added, "I'm gonna blast off in a second.” Then the President confessed it was a joke -- or was it? "This has been a secret project we've been working on for a long time. Not really. Maybe. It's classified," he added.