Putin recently announced a new nuclear missile that can reach anywhere and can't be detected. He furthermore, mentioned that such a missile would would never be detected by future detection systems. Some of what he is saying might be true but since no one can know the future of defense capabilities some of this is hype. We should still be concerned as while Putin likes to make things bigger and stronger than they are he is not known to be a person who bluffs his way through issues.
Russia has national ambitions to rebuild their economy and military strength to previous Soviet levels. This has something to do with the national culture and the desire to make "come backs" but also Putins own personality which is focused on expansion, domination, and in some ways glorification.
He is definitely a nationalist for his own country and with his background of intelligence he doesn't have a problem doing what it takes to achieve his objectives. Backed and supported by most of the military and the intelligence community he wields enormous power within his country.
But there is a bigger problem here. That includes the U.S.'s ability to stay competitive from a manufacturing standpoint and our technological advantage. We are seeing bigger challenges not only from Russia but also China. Our position is starting to slip.
Some of the military developments in China can also match our own and this should be somewhat a wake-up call for U.S. leaders. Our economy and people need to be more innovative and think about how our decisions, government, and business choices impact the end result. We are a nation of people who rely on strong commerce, education, and innovation. In some ways, we must realign to meet these challenges on a global scale.