Higher energy prices act like a tax. They reduce the disposable income people have available for other things after they've paid their energy bills.

And one of our points of continuing conversation with our trading partners is the urgency of their taking steps to remove barriers to their improved growth performance.

And we have abundant natural energy resources in the country. We haven't been taking adequate advantage of them, and we can burn coal in a clean way; we could improve the grid.

But clearly an economy that's growing and expanding like this one - and it certainly is doing that with high GDP output, employment numbers strong, capacity utilization strong - that's an environment in which the Fed needs to continually be alert to early signs of inflation.

We must start with the reality that corporations cannot guarantee anyone a lifetime job any more than corporations have a guarantee of immortality.

Our view is that economic isolationism is the wrong way to go. Vibrant, successful growing economies that advance the interests of their citizens engage the global economy. And, we're committed to engaging the global economy.

Our GDP growth rates are creating - our high GDP growth rates, the success of our economy means we're creating lots of disposable income.