Americans, like people all over the world, approach the future with a curious mix of optimism and apprehension. We are hopeful that tomorrow holds new prospects for greater security and more prosperity, but concerned that we, our families or our communities might get left behind. And indeed, there are both extraordinary opportunities and formidable trials ahead for citizens of all nations.
The world is more open today than at any previous point in history. Such interconnectedness offers boundless potential to advance our own lives and, more broadly, the human condition. It also brings new challenges to be met and new problems to be solved. Certainly the pace of change will continue to accelerate, for better and for worse. Success — for individuals, companies and nations — will demand skill, agility, global insight and resolve.
The good news is that Americans possess these traits — and more. The challenges we face are neither unprecedented nor insurmountable. Older Americans overcame a great depression and world war, successfully navigating the final shift from an agrarian to an industrial economy. Baby Boomers dealt with oil shocks, stagflation and a 50-year Cold War, advancing from the industrial era to the dawn of a knowledge economy. As the baton passes to a new generation of leaders, we can take comfort from our predecessors' triumphs and draw lessons from their stories.
From our economy to our educational system, from energy to national security and health care, our biggest challenges can be addressed by leveraging our strengths and learning from our past accomplishments. There are several recurrent and critical basic themes in the American economic story:
- We thrive when economies are open and inclusive.
The absence of barriers among our states enabled competition and economies of scale that gave the U.S. economy a huge advantage over all other nations, while trade with others powered explosive growth. Our openness to immigrants and beliefs ensured that the best, brightest and most ambitious came to our shores to create jobs, companies and wealth.
- Innovation is the key to our prosperity.
Our relentless pursuit of better ideas, new frontiers, new companies, new cures and new opportunities has ensured constant renewal, reinvention and improvement. Our propensity for innovation ensured economic leadership and national strength.
- Entrepreneurs are best at leveraging change.
By rewarding risk and facilitating competition, we cultivate a nation of entrepreneurs, giving us the talent to cope with changing geopolitics, technologies and global markets.
A great nation does not fear overseas competition. A great nation prepares its workers and companies to successfully compete in a global market. In doing so we not only ensure prosperity for future generations, but leverage global interdependence to bring deeper understanding among nations and improve the quality of life for those most in need of help. There is no doubt we can continue to achieve new prosperity, more inclusive and complete than any that preceded us — provided we have the courage to compete, the wisdom to make the right investments in our future and the political will befitting a great nation.