It is likely that human beings will find fulfillment and will be rewarded for the same qualities that they have been rewarded for for 5,000 years. And that is intelligence, hard work, honesty, a sense of character, loyalty to family and friends, and above all, love and faith. If you are trying to decide what you should do, those are the things you should do. And you know it.

We all accuse Vladimir Putin of Cold War nostalgia, but Washington's elites - politicians and intellectuals - miss the old days as well. They wish for the world in which the United States was utterly dominant over its friends, its foes were to be shunned entirely, and the challenges were stark, moral, and vital. Today's world is messy and complicated. China is one of our biggest trading partners and our looming geopolitical rival. Russia is a surly spoiler, but it has a globalized middle class and has created ties in Europe.

I grew up in this world where everything seemed possible.

What we see today is an American economy that has boomed because of policies and developments of the 1950s and '60s: the interstate-highway system, massive funding for science and technology, a public-education system that was the envy of the world and generous immigration policies.

Having your fiscal house in order and having a more manageable macro-economic future is going to be very useful in creating growth.

You know, when the cost of capital goes down, when credit becomes cheap, people start taking greater and greater risks.

In a very weak economy, when you say 'cut government spending,' what you mean is you're laying off school teachers and you're de-funding various programs that put money into the economy. This means you have more unemployed people that then draw unemployment benefits and don't pay taxes.