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224 pages, Hardcover
Published January 24, 2012
In the long run, global politics are bound to become increasingly uncongenial to the concentration of hegemonic power in the hands of a single state. Hence, America is not only the first, as well as the only, truly global superpower, but it is also likely to be the very last.... Economic power is also likely to become more dispersed. In the years to come, no single power is likely to reach the level of 30 percent or so of the world ' s GDP that America sustained throughout much of this century, not to speak of the 50 percent at which it crested in 1945.
There are several alarming similarities between the Soviet Union in the years just prior to its fall and the America of the early twenty-first century. The Soviet Union, with an increasingly gridlocked governmental system incapable of enacting serious policy revisions, in effect bankrupted itself by committing an inordinate percentage of its GNP to a decades-long military rivalry with the United States and exacerbated this problem by taking on the additional costs of a decade-long attempt to conquer Afghanistan. Not surprisingly, it could not afford to sustain its competition with America in cutting-edge technological sectors and thus fell further. behind; its economy stumbled and the society's quality of life further deteriorated in comparison to the West; its ruling Communist class became cynically insensitive to widening social disparities while hypocritically masking its own privileged life-style; and finally, in foreign affairs it became increasingly self-isolated, while precipitating a geopolitically damaging hostility with its once-prime Eurasian ally, Communist China.
The post 2020 fiscal outlook is downright apocalyptic.... The United States is fast approaching a historic turning point: either it will act to get its fiscal house in order, thereby restoring the prerequisites of its primacy in the world, or it will fail to do so and suffer both the domestic and international consequences.