Just because I'm critical of America does not mean that I support
China or the Russia or Iran or any of the US declared enemies.
On the contrary I like America and expect it to be much better
than it is and I simply hope that it can reform before its too late.
In the longer term I believe that economics, not politics determine
the fate of a country or in the US case, that of an Empire.
The US demise started in the 1980s when it adopted Neo-liberalism iwhich
saw many of its corporations become Multinationals taking
manufacturing and related trade overseas and then milking
the country dry as importers (Hence the Rust Bely) and most
tragically, not repatriating profits but instead squirrelling them
aay in Tax havens.
It partially compensated by the Dot Comms but unlike manufacturing
the accrued hi-tech wealth went almost exclusively to the economic elite
and the highly educated middle class. This is the nub of the growing
wealth gap in the USA and the reason that the country has to rely on debt
to supply services because if it lived within its means (that is taxed to achieve
annual balanced budgets) then it would have been in recession since its
GFC.
At the start of he GFC it had a Soverign Debt about $6 trillion & 12 years later
that is $29 Trillion debt which is, on average, annual budget deficits of
$2 Trillion a year or 10% of GDP.
If the Government had collected $2 trillion extra tax per year since its GFC,
then the US economy would have been in Recession since then, IMO..
IMO, the US current trajectory of debt accrual is unsustainable and that's why
it needs to economically re-invent itself.
Now that's not supporting China or Russia but simply expressing concern that
the current US politicians, administrators & Big Capital are not paying heed to where the country is heading.
Rember that debt knocked over both the USSR & The British Empire within the last 100 years !
My concern is that unless the USA gets its own Economic house in order within the next 3 decades,
that China will over run it and force the US Armed Forces & US agencies back within its geographic borders.
Why?
Because I believe that the country with the biggest GDP over a generation or so will gradually
acquire global hegemony.
China has already nearly 35% of global manufacturing and trade and there are no real indicators at
present that that's going to diminish anytime soon
https://www.visualcapitalist.com/visualizing-the-94-trillion-world-economy-in-one-chart/
