Ian Bremmer posits Five myths about America’s decline
2. America’s economic future is bleak.
Part of the reason the United States is less willing to engage abroad is because it has its hands full with economic concerns at home: spiraling federal debt, high unemployment, lower wages and a growing disparity of wealth.
But while the U.S. economic outlook may not shine as bright as it once did, it is hardly grim. America’s higher education system is unparalleled, with a record 725,000 foreign students enrolled at U.S. universities last year. No country has a greater capacity for technological breakthroughs: The United States is the destination of choice for aspiring entrepreneurs, it’s the research and development center of the world, and Silicon Valley’s start-ups and venture capitalism are exemplary.
On energy, innovation in unconventional oil and gas resources has been the biggest game-changer of the past decade, with U.S.-based companies leading the charge. The United States is now the largest natural gas producer in the world. It is also the world’s largest food exporter, giving America some leverage against food price shocks or shortages.
Demographically, the United States is better off than other large economies. The U.S. population is expected to rise by more than 100 million by 2050, and the labor force should grow by 40 percent. Compare that with Europe, where the population is slated to shrink by as much as 100 million people over the same span, or to China, where the labor force is already contracting.
The immediate problem, however, is the current monetary and economic policy with their disastrous consequences. The ever-shrinking labor force, the real unemployment rate of 11.1%, will not improve as long as the current administration continues its anti-business, government-enlarging policies.
However, go read Five myths about America’s decline.