by Veniamin Popov, New Eastern Outlook:
On July 5 of this year, the New York Times published an article titled “America Lives on Borrowed Money.”
It states that borrowing is expensive. A rising portion of federal earnings, money that could be utilized to help the American people, is returned to investors who buy government bonds in the form of interest payments. Instead of collecting taxes from the rich, the government pays the rich to borrow their money.
According to the Congressional Budget Office, the government will spend more on interest than on national defense by 2029, and interest payments will account for 3.6 percent of national GDP by 2033.
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The authors of the article believe that the situation is becoming more and more alarming and painful, and therefore radical decisions should be made.
However, with the growing division of US political forces, these alternatives are no longer visible, especially since “Joe Biden’s global vision is too timid and pessimistic,” according to the British-based Economist.
The fact that President Biden has been indicted with impeachment by the Republican-led House of Representatives cannot be overlooked: On June 22, the House voted 219 to 208 to send two articles of impeachment to the Homeland Security and Judiciary committees, one for abuse of power and the other for dereliction of duty.
What is interesting is the evaluation of the current scenario made not only by Americans but also by political analysts from emerging countries. For example, the Saudi-based Arab News reported on June 25 this year that the United States’ political system is in disarray and the country is extremely fragmented.
The author puts the current problem in the United States on a par with the fall of the Roman Empire: “You cannot be a world leader if your society is crumbling and your leadership is divided, indecisive, and weak.” Especially when the media, once lauded as a strong weapon of truth, has devolved into a tool of political bias motivated by profit rather than principle, and free speech is dead in America.
According to the author, American influence in South America and Africa is likewise dwindling: America has never been weaker than it is today in its relatively short history.
On June 19, this year, Marwan Bishara, a senior political analyst for Al Jazeera TV, noted that signs that the American-dominated world order was crumbling had become increasingly visible over the previous decade and that America’s political and economic decline had affected its global influence and credibility.
Attempts to resurrect US leadership through the so-called “rules-based international system,” according to the author, have failed. This system was perceived as a rigged arrangement that benefited the West over the rest of the world and violated international law.
Back in the spring, well-known American journalist Ross Douthat determined that the elites of the Middle East, Africa, and Central Asia favor Russia and China, and that public opinion in emerging countries is more sympathetic to Russia and China than to America.
Richard Haas, a respected American political analyst who led a prominent think tank, the Council on Foreign Relations, for more than 20 years, went even further in his analysis: “The collapse of the American political system means that for the first time, the internal threat has surpassed the external threat. Instead of being a reliable anchor in an unstable world, the United States has become the deepest source of instability and an unreliable model of democracy.”
In September 2022, current US President Joe Biden spoke of American democracy being on the verge of collapse, clinging by a thread.
In response to this, Gulf News, one of the UAE’s leading publications, said that America today is a house divided. More and more Americans acknowledge that the country’s current status is abnormal.
The summer of 2020’s street violence and instability revealed the actual mental state of the world’s most powerful nation. The United States has long had one of the highest rates of violent crime in the world, and deteriorating public order has expedited the spread of firearms. The United States ranks first in the number of privately owned guns. Researchers at the Small Arms Survey estimated that Americans own 393 million of the 857 million available civilian guns, about 46% of the world’s civilian gun stockpile. According to the same publication, there are 120 guns per 100 Americans. According to the Pew Research Center, 48% of Americans believe that gun violence is a major issue in the country.
