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You know, I think of the global economy as an inverted triangle, resting on the shoulders of the American consumer. And if the American consumer cannot have enough disposable income in order to maintain a standard of living that creates more opportunities generation after generation, that's bad for everybody.

But the - look, I think that this - the United States of America is still the most powerful economy in the world. It is an incredible engine for creativity and innovation. And it has the most - smartest, most effective workforce in the world. So we have a lot going for us, in spite of the fractiousness of our politics.

It is a foregone opportunity that we could have a trillion dollars more of income for the United States if we were producing at capacity rather than falling so far short of it.

Is the U.S. better or is the world better? Is the U.S. better off today than we were four years ago? Obviously not, economically not. I think our stature in the world is not the same.

From 1950 to 2000, the U.S. economy grew at an average rate of 3.5 percent. That generated a massive gain in real GDP per person from $16,000 to over $50,000. A huge win for the middle class.

Our economy grew at double the rate of the nation. We created 1.3 million jobs. We led the nation seven out of those eight years. We were only one of two states that went to AAA bond rating. I cut taxes, $19 billion. If you do that and apply conservative principles the right way, you create an environment where everybody rises up.

With the shrinking of the US economy, and it's shrinking very rapidly, you not only have more money, but you also have fewer goods. That's a classic double-whammy on inflation.

It is very important for people to understand that the United States of America and no country around the world can devalue its way to prosperity, to be competitive. It is not a viable, feasible strategy, and we will not engage in it.

I think we can create an environment where America can kind of get back on its economic feet.

America's growth historically has been fueled mostly by investment, education, productivity, innovation and immigration. The one thing that doesn't seem to have anything to do with America's growth rate is a brutal work schedule.