U.S.-Russian relations are deteriorating rapidly. Misguided and arrogant U.S. policies since the end of the Cold War have fueled resentment in Russia, and Vladimir Putin's increasing defiance is inflaming the West. But Washington and Moscow need not be adversaries. Both sides must act soon to avert renewed confrontation.

The United States now spends almost as much on defense in real dollars as it ever has before -- even though it has no plausible rationale for using most of its impressive military forces. Why? Because without political incentives for restraint, policymakers have lost the ability to think clearly about defense policy. Washington's new mantra should be "Half a trillion dollars is more than enough."

Pundits, academics, and Bush bashers insist that the United States is losing ground in Asia, but they are wrong. The Bush administration's Asia policy has been an unheralded success. Improved relations with China, stronger U.S.-Japanese cooperation, North Korea's gradual nuclear disarmament, and expanding regional alliances have made Asia more prosperous and secure than it has been in decades.