Tonight, President Obama will unveil his plan for creating more jobs in America. Obama returned from summer vacation to the dismal news that the country gained no new jobs in August. Unemployment continues to hover around nine percent and it is likely to stay that way through 2012. While the U.S. faces a slow economic decline, countries like China and India are on the rise. "It makes no sense for China to have better rail systems than us, and Singapore having better airports than us," the president noted in his speech following the 2010 midterm elections. "And we just learned that China now has the fastest supercomputer on Earth — that used to be us."
— Three-time Pulitzer Prize winning author and New York Times columnist Thomas L. Friedman on The Brian Lehrer Show.
Foreign policy expert Michael Mandelbaum argues that the age of America’s expansive foreign policy is coming to an end. The country's soaring deficits, fueled by the huge costs of the financial crash and our government entitlement programs, will mean a scaled-back American international presence. In The Frugal Superpower: America's Global Leadership in a Cash-Strapped Era, he describes the policies the United States will have to discontinue, assesses the potential threats, and recommends a new kind of foreign policy.