The U.S. Still Has a Promising Future?

Well, I certainly hope so.



But check Michael O'Hanlon, at Los Angeles Times, "Despite Problems, the U.S. Still Has a Promising Future":
Amid all the talk of gloom and doom in the United States, with the stock market's near-crash and the renewed threat of a double-dip recession, it is worth pausing to remember that the United States remains the greatest country on Earth. It is also the country with the most promising future. I make these assertions not as a matter of national pride, but as an analytical conclusion.
And he makes an excellent argument. The problem --- and I know it's a problem, because I'm just like O'Hanlon on this --- is that his analysis is almost completely structural. That is, O'Hanlon's looking at all this recent turmoil from a comparative power analysis interpretation, which almost systematically excludes internal political determinants. We can extrapolate from past patterns of America's remarkable exceptionalism and global preponderance and expect things to flow along fairly well simply because for all our troubles, no single other nation matches America's bounty or prospects. But the debt downgrade, as Danial Henniger points out today, is the ultimate signal that American hegemony is shrugging. To use Mark Steyn's analogy, we're like a prize fighter who's been hammered, and the opponent's sitting at the opposite stool, counting the seconds until the bell rings to come over for another round of pummeling. That's to say, for example, when Britain fell from preeminent status after WWI, and most definitely at the conclusion of WWII, the mantle of global political and eocnomic leadership passed to a benign power across the Atlantic, the United States. The U.S. had not only resisted the hegemonic role during the 1920s, but after WWII we did just about everything in our power to restore the defeated European nations and Japan to economic vitality and competitiveness. As America declines now --- and I'm using decline now for the first time really in agreement --- there's is no commensurate situation of the leading power passing the baton to a friendly rising power, as we experienced in 1945. China and Russia cooperate where possible but will seek advantage from America's weakening position, as power politics dictates, and that's while at the same time China is paradoxically hemmed in further from America's debt problems (mutual vulnerability forms a trace element of U.S. power internationally). And of course toss into the mix President Obama's hellbent agenda of making the United States the unexceptional nation, and well, let's just hope he's out in one term, November 6th, 2012. And the key factor for the electorate is the massive Democrat debt overhang. We're heading into a double-dip recession, some say. The Fed, for example, promised zero percent interest rates until 2013 because it expects no growth. The only thing good about this is that it almost guarantees that the Democrat ticket will lose next November. Even then, Republicans have been nearly as addicted to spending as the Democrats, with G.W. Bush's Medicare prescription drug expansion being Exhibit A. And the debt overhang will accelerate the collapse of U.S. world leadership unless two things happen: (1) we cut spending, and (2) the economy grows at a sustained pace of growth, say at three percent annual GDP for a decade or two, and then some. I can't see things turning around unless we have a combination of those two things, and without that we'll see a steady erosion of both U.S. global influence and a decline in the U.S. standard of living at home.



So, yes, Michael O'Hanlon makes a good case for continued optimism, but a more thorough analysis must consider the current failures of the American political system, and most importantly, the epic failures of the Democrat Party's expansionist, economic-killing social welfare policies.



More on this later ...

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