Even with faults, US still beats its main political rivals’ economies.
The US’ main political rivals’ economies still show that the US system is still superior. The US still beats top-down autocratically run economies of the US’s main political rivals.
According to the New York Post, the US system is still superior to that of its political rivals, China and Russia, as their economies are coming off of its wheels. The one thing that the US political rivals have in common is that they are run by autocratic leaders that makes the key economic decisions without the checks of the independent and well-functioning institutions.
While the US is seemingly drawn to another productive-enhancing round of new technology in AI, robotics, and etc., one of United States’ political rivals, China, is rapidly going from a so-called miracle to a Japanese style lost economy. China’s misfortune today is to have Xi Jinping as its leader. Xi Jinping has been making a series of major economic mistakes that are surely going to affect his country.
A slew of poor economic data has suggested that China’s property and credit market has burst and their economy is in deep trouble. This does not go well with their economy in the next decades, especially with the decline in population due to the one-child only policy, it is difficult to see how China can make its way out of its debt mountain.
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The other of the US’ political rivals is Russia. Vladimir Putin had reduced Russia to a kleptocratic and sclerotic economy.
Russia, one of the US’ political rivals, is on the road to bankruptcy because of being underlined by the ruble’s plunge over the past year, from a little more than 50 to the dollar around 100 to the dollar, the war with Ukraine, together with the associated draconian Western economic sanctions.
Another one of US’ political rivals is Turkey. Turkey is another example of the strongman rule ending their economy in tears. Erdogan’s stranglehold in political power and his neutering of Turkey’s economic institutions have made him pursue his idea that lower interest rates are the right policy to combat high inflation. Turkey’s inflation has surged to almost 60% and its currency has lost a third of its value.
With all the problems with the US’ political rivals, especially with their economic problems, the US’ democratic and free-market economic system allows the country to continue to be high-tech innovative envy of the world that offers their citizens a rising standard of living.