Call it America's Age of Angst. The buzz of negativity seems to be everywhere. DECLINE AND FALL: WHEN THE AMERICAN EMPIRE GOES, IT IS LIKELY TO GO QUICKLY reads the cover headline for British historian Niall Ferguson's article in the current issue of Foreign Affairs. Faced with an unemployment rate near 10 percent, a ballooning deficit, and a grueling partisan battle over health-care reform, both President Barack Obama and his Republican critics in Congress are complaining loudly about the government's inability to get things done. In the meantime, there's a growing sense that others—here, China is always first on the list—are steadily chipping away at America's leadership position in the world.
The messages from the White House are somewhat schizophrenic. In his State of the Union Message, Obama expressed frustration about the gridlock in Washington. "I have one simple question: How long should we wait? How long should America put its future on hold?" he asked. "You see, Washington has been telling us to wait for decades, even as the problems have grown worse. Meanwhile, China is not waiting to revamp its economy. Germany is not waiting. India is not waiting." While claiming that he will not accept second place for the United States, he made it sound like that's where the country is heading if it doesn't change course.
Vice President Joe Biden, who is dependably blunt, echoed that sentiment, charging that "Washington right now is broken." But in an interview with Washington Post columnist E. J. Dionne, he also lashed out at the "ridiculous" talk of America's decline. "Give me a break," he complained. Alluding to historian Paul Kennedy's 1988 book The Rise and Fall of the Great Powers that argued the United States was next in line for a fall (in fact, it was the Soviet empire that crumbled the following year), Biden noted that such predictions have been wrong before and are likely to be wrong again. "So many people have bet on our demise that it absolutely drives me crazy."
Biden has a point. But this time, the anxiety seems like more than a feeling. It is more deeply rooted in concerns about long-term trends, and warning lights are flashing in several places. It's harder now to shrug off the America-in-decline theories than ever before.
In his Foreign Affairs article, Ferguson points to two of the most troubling trends. According to one projection by the Congressional Budget Office, America's public debt could skyrocket from 44 percent of GDP before the 2008 financial crisis to 716 percent in 2080. If legislative reforms don't expand the size of government, the CBO dials the projection back to 280 percent. Hardly reassuring either way. As are the projections Ferguson cites about China's GDP overtaking U.S. GDP by either 2027 or 2040, depending on which calculation you choose. And India, he notes, is projected to overtake the U.S. in 2050.
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http://www.newsweek.com/id/234965The messages from the White House are somewhat schizophrenic???