Several economists talking about the economy of the United States kept praising our country's economic growth and the stability of our economic condition. There is no question that the U.S. has enjoyed a better growth rate than most countries of the world. There are notable exceptions, but that has not detracted from the United States' performances.
How could the U.S. not have such a consistent high growth, when the U.S. is such a heavy borrower? If a person (country) has unlimited credit with a bank and can keep on borrowing, that person (country) has the ability to keep on buying, thus growing. Our country, the United States, keeps borrowing to the tune of about $750+ billion at this year's end. We keep buying mostly imported products from China, Japan, South Korea and many other countries. The United States does make products, but predominately military items used in wars. Our fabled auto industry does most of its manufacturing in Mexico. The United States does have people or companies that own businesses in other countries. But these companies have kept all the profits in the producing country. The companies brought the profits home only recently, after the Federal government gave huge tax breaks to get these funds repatriated. The government offered the tax breaks with the requirement that the money be used to hire new workers. Forget it; the companies turned the money mostly into dividends.
Another point of discussion among the economists was the eventuality some day that the U.S. would become a minor power. This presumption was countered with the argument that there is not a country on the horizon that has an economy near or rivaling the U.S. economy. History tells a different story. Rome was once the greatest power of the world. Rome did not fall to a greater power. It fell because it became weak, decadent and felt that no power could overthrow Rome. It was a tribe here or a tribe there that weakened and then overran the Roman countryside. England did not lose its preeminence to a stronger power, a more industrial power, but only by exhaustion after a long and costly war that it won. England didn't have the will or energy to try and regain its preeminence. The United States is rapidly becoming an exhausted country by destroying all liberties in the name of protection. The best minds of the world, that came to the U.S. for advanced education, are being turned away or are turning away to go to other countries. Is it worth more fighting so that the rich can become richer?
The United States will not fall to a superior power; it will just collapse upon itself. In addition, the United States will find out that all those guns, bombs, missiles, planes and ships will have no power to be used against any other country. The U.S. can't go around starting more wars. There can be no more great land wars. Today's world is in an economic war that the U.S. has obviously already lost.
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