Why America is Falling Behind the Rest of the World
America is declining, in large and important measures, yet policymakers aren’t paying attention. So argues a new academic paper, pulling together previously published data.
Consider this:
America’s child poverty levels are worse than in any developed country anywhere, including Greece, devastated by a euro crisis, and eastern European nations such as Poland, Lithuania and Estonia.
Median adult wealth in the US ($39,000) is 27th globally, putting it behind Cyprus, Taiwan, and Ireland.
Even when “life satisfaction” is measured, America ranks #12, behind Israel, Sweden and Australia.
Overall, America’s per capita wealth, health and education measures are mediocre for a highly industrialized nation. Well-being metrics, perceptions of corruption, quality and cost of basic services, are sliding, too. Healthcare and education spending are funding bloated administrations even while human outcomes sink, the authors say.
“We looked at very broad measures, and at individual measures, too,” said co-author Hershey H. Friedman, a business professor at Brooklyn College – City University of New York. The most dangerous sign they saw: rising income and wealth inequality, which slow growth and can spark instability, the authors say.
“Capitalism has been amazingly successful,” write Friedman and co-author Sarah Hertz of Empire State College. But it has grown so unfettered, predatory, so exclusionary, it’s become, in effect, crony capitalism. Now places like Qatar and Romania, “countries you wouldn’t expect to be, are doing better than us,” said Friedman.
“You can become a second-rate power very quickly,” added Hertz.
To be sure, the debate over whether America is on the decline has raged for years. The US National Intelligence Council said in its global trends report a decade ago American power was on a downward trajectory. Others making the case say the US is overstretched militarily, ill-prepared technologically, at-risk financially, or lacking dynamism in the face of influential, new competitors.
Arguing decline has been exaggerated, others point to a rising US stock market, manufacturing strength, a growing population, and a domestic energy boom.
