Time alone will not heal this economy. It wasn't working for most Americans before the Great Recession. Fundamental reforms are vital if we are to rebuild a broad middle class and recapture the American dream.

We can't cut our way to prosperity. The best deficit reduction program is to put people back to work. With corporations sitting on more than $1 trillion in cash waiting for customers, more tax breaks won't help. Americans — struggling with rising costs, stagnant wages, and declining home values — are tightening their belts. It is time for government to act.

We should take advantage of low interest rates to finance rebuilding America's infrastructure, increasing our global competitiveness and putting people to work. We should be expanding, not cutting, investments in education, innovation and new energy vital to our future.

Create a "green corps" in every region, hiring the young to retrofit buildings, providing hope while saving energy. Challenge China and mercantilist nations, move to balance our trade, and revive manufacturing in America. And we need to empower workers to gain a fair share of the profits they help generate, while curbing Wall Street's casino and creating incentives for Main Street investment.