There clearly is a threat to this country from radical Islam - no denying that, in my opinion - but our government's foregone choice of an aggressive foreign policy to counter it has done more harm than good. It doesn't help to put our heads in the sand, unilaterally support Israel no matter what, and expect to be seen by the world as "fair and balanced."
That aside, there have been many other examples of the disaster that results from overconfidence and from the "it's not our job" mentality, too many for me to cover here. We need a political philosophy that recognizes our common existence and recognizes that there are some investments we make as a people — healthcare, also education — that aren't simply dollars and cents. We need to recognize that in some cases, unregulated capitalists make poor choices for their own benefit rather than for that of the consumer — and for that reason, a degree of regulation of the "free market" is a necessary evil.
Finally, we need to recognize that "drowning government in the bathtub" and being rid of it all results in anarchy — remember Enron? Rather than emphasizing just how minimalistic it can become — and keeping in the back of our mind that a bloated government doesn't do us any good either — we should be concerned with balancing cost and benefit: efficiency.