This appeared in The Knowledge today. This comes as a daily email using various sources for this news compendium. As far as I can tell, it is pretty neutral.
" Most Americans think their country is in decline,” says Fareed Zakaria in Foreign Policy. The share who are “satisfied” with the way the country is going has not risen above 50% in 20 years; today it stands at a miserable 20%. Donald Trump won in 2016 by capturing this mood and preaching “doom and gloom”. Now he’s at it again – three months before entering the 2024 presidential race, he released a video titled “A Nation in Decline”. The Biden administration isn’t much better, blaming decades of globalisation for “hollowing out” American industry and exporting manufacturing jobs. The suggestion is that poor old Americans need protecting with epically expensive subsidies and stiff tariffs. |
Yet for all the talk of “dysfunction and decay”, the reality is that American supremacy has never been greater. In 1990, US per capita income was 17% higher than Japan’s and 24% higher than Western Europe’s. Today, it’s 54% and 32% higher respectively. The US economy was roughly the same size as the Eurozone’s in 2008; today, it is nearly twice the size. Nine of the 10 most valuable firms in the world are American, up from only four in 1989, and the US is the world’s largest producer of oil and gas. As for the industries of the future, American AI startups have attracted six times more venture funding than their Chinese equivalents. Why don’t we hear more about any of that? If Washington keeps turning inward, tyrants will be emboldened and the rest of the world will suffer. The only danger to American dominance is the myth that it’s on the wane." |
