The next U.S. president will have a moment of opportunity to reintroduce America to the world and restore our leadership. To build a world that is safe, prosperous, and just, we must get out of Iraq, rediscover the value of statesmanship, and live up to the democratic values that are the deepest source of our strength.

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."