For me, this is the most important thing to say both on the anniversary of 9/11 and on the eve of President Obama’s jobs speech. After all, they are intertwined. Why has this been a lost decade? An answer can be found in one simple comparison: How Dwight Eisenhower and his successors used the cold war and how George W. Bush used 9/11. America had to face down the Russians in the cold war. America had to respond to 9/11 and the threat of Al Qaeda. But the critical difference between the two was this: Beginning with Eisenhower and continuing to some degree with every cold war president, we used the cold war and the Russian threat as a reason and motivator to do big, hard things together at home — to do nation-building in America. We used it to build the interstate highway system, put a man on the moon, push out the boundaries of science, teach new languages, maintain fiscal discipline and, when needed, raise taxes. We won the cold war with collective action…

But rather than use 9/11 to summon us to nation-building at home, Bush used it as an excuse to party — to double down on a radical tax-cutting agenda for the rich that not only did not spur rising living standards for most Americans but has now left us with a huge ball and chain around our ankle. And later, rather than asking each of us to contribute something to the war, he outsourced it to one-half of one-percent of the American people. Everyone else — y’all have fun.

We used the cold war to reach the moon and spawn new industries. We used 9/11 to create better body scanners and more T.S.A. agents. It will be remembered as one of the greatest lost opportunities of any presidency — ever.