President Obama has continued George W. Bush's economic policy since 9-11 of tax cuts and deficit spending to pump prime the economy. Reliance upon kindling to start a fire can be expensive when there is nothing to burn besides because the wood wasn't chopped. The U.S. economy may have a hard time catching fire with so many drafts, constraints and dangers to the environment and its resources from that internal engine of combustion.
President Bill Clinton's intelligence failures led to the sacking of Glass-Steagle and the rise of Moslem terrorist threats to the U.S. and eventually 9-11. President Obama continued that failure with his present foreign intelligence team in Benghazzi and depleted the intellectual capital inherited from the Bush II years that developed the capture of Osama Bin Laden and wrapping up of the Iraq troop deployment.
It is President Obama's continuation of G.W. Bush's economic policy of tax cuts and deficit spending that is the major threat to U.S. economic stability ahead. Perhaps there will be a natural readjusting downward economic collapse ever decade or two cycling the deficit spending based economy.
With the immediate economic slump in the U.S. following the twin attacks on the World Trade Center and Pentagon the two wars against Iraq and Afghanistan stimulated the U.S economic without being paid for with increased taxes. Like Obama deficit spending the wars were economic stimuli added to the U.S. public debt. President Bush did not know of the flimsy Clinton era reforms of banking and home mortgages well enough to anticipate better than most Wall Street forecasters that the U.S. economy could not survive the economic stress of two wars or tax increases. President Bush cut taxes to stimulate economic growth and in December 2010 President Obama was the head cheerleader for renewing the Bush II tax cuts for the remainder of his administration.
With twelve years of deficit spending to stimulate and economic that transitioned from bloated no-competition defense contractor outlays to quantitative easing (printing dollars to buy U.S. bonds) with trillion dollars annual federal budget deficit the U.S. economy cannot even keep pace with population growth in job creation or environmental inspiration. The hot air of deficit financed growth paying down trillion dollar annual federal budget deficits is a failure to recognize the continuity of an economy misfiring since 9-11 that needs fundamental reform and a different economic approach.
I would like to point out that the United States could be a leading example in showing how democracy and team enterprise can lift all citizens out of poverty rather than circling the wagons around a declining middle class attacked on all sides by their own lack of political intelligence. A real perpetual democratic revolution in the U.S.A. would renormalize from the growth of large stable and ad hoc elitist organizational hegemony to one of individualistic enterprise and legal egalitarianism. The United States should assure that no citizen lacks the basic food, transport, shelter and minimum cash income needed to get the citizen out of circumstantial economic whirlpools of oppression that cannot be escaped.
The pursuit of enlightened self-interest and the concurrent pursuit of happiness require that individuals have the actual opportunity to do so. A modern democracy should limit the size of corporations and the number of corporations an individual can invest in to let government and political expression per citizen be more meaningful. The broadcast media should be reallocated to individual citizen podcast slices. If the media at the time of the revolution were owned by just the rich it is probable that less support for the revolution would have developed.
For democracy to mature as a political form it must trust its own citizens enough to not feel a need to repress them in place trough economic oppression. For many modern intellectual enterprises economic stability is required even for basic ventures such as writing computer programming or other intellectual capital development investments of time. If an author must go without electricity and live in the stone age of a yurt annually his or her productivity will decline-and that's simply socially extravagant profligacy.
If the United States cannot mature in governance to reform democracy such that it really works for all citizens (and secure no-immigration borders are requisite of rationing governance) it isn't likely that any nation shall. The citizens need to be encouraged to be active, healthy and intelligent all of their lifetime. They should be able to be reactive to environmental challenges and arrest the decline of life on Earth. U.S. citizens should also have the intellect to create better lifestyles and dwellings without displacing the ecosphere in which human life coheres. If the United States cannot run a balanced budget and improve the lives of their citizens from the bottom up then who can?
The down side of being a nation of immigrants is that they can be fair seas sailing opportunists steeped in avarice that flee from significant changes and challenges that require if not sacrifice at least diversion from unreasoned consumerism. If the economy and environment are in decline in then U.S.A. well heck, why not just invest over the border?