The West’s economic mismanagement will also reduce its military power. At present, the US accounts for half of all global military expenditures, but cuts are due. Relative US military power is not likely to be this great ever again, and China’s military rise looks as inevitable as its economic success.
The predicament of the West remains lamentable. Even so, some economists still advocate more fiscal stimulus. Instead, Western leaders need to focus on fixing their state budgets in order to salvage what they can.
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