When the economy's shrinking, providing jobs, spending on things like infrastructure can actually increase revenue and drive down debt. And then, there's going to be a time at which point debt has to be taken care of.

The reason I take pride for that is one of the things you worry about when you're in the bubble, and there's all this pomp and circumstance and hail to the chief is, do you lose touch with what you thought was important and what brought you here? And I'm proud that I don't think I have lost touch.

As I travel around the world, it's fascinating; European leaders, Asian leaders, they all say to me, America is actually poised to be the world leader for another century - if we can fix some of this political dysfunction. ... We've got a lot of national security challenges, but if we get our economy together, and if we can get our political system to work well, I am really confident about our future.

I will never turn Medicare into a voucher. No American should ever have to spend their golden years at the mercy of insurance companies. They should retire with the care and dignity they have earned.

And with iPods and iPads, and Xboxes and PlayStations - none of which I know how to work - information becomes a distraction, a diversion, a form of entertainment, rather than a tool of empowerment, rather than the means of emancipation.

If, technologically, it is possible to make an impenetrable device or system where the encryption is so strong that there's no key - there's no door at all - then how do we apprehend the child pornographer? How do we solve or disrupt a terrorist plot?

But at a time when our discourse has become so sharply polarized - at a time when we are far too eager to lay the blame for all that ails the world at the feet of those who think differently than we do - it's important for us to pause for a moment and make sure that we are talking with each other in a way that heals, not a way that wounds.