Economists,foreign policy watchers and politicians are hotly debating the question - "Is the US on the decline" ?
This question will not be a straight forward yes or now.Detailed analysis on various aspects of national life would be required.
1)Healthcare:
The US healthcare system is exorbitant and costs continue to spiral.The Affordable Care Act brought on by the Obama administration was a step in the right direction hoping to make Healthcare affordable and mandatory.The results however doesn't look bright.Obamacare has succeeded in enrolling more Americans for healthcare through the exchange program.Heavy fines are imposed under this program if a family remains uninsured during the calendar year.
However,on the downside,it has resulted in big players like Anthem&Cigna joining hands and capturing larger market shares to keep their profits in check.
US lags way behind countries like Germany,Denmark and Sweden where healthcare is much cheaper and services more efficient.
It has become impossible for any senator to challenge the drug companies from the costs constantly as their fundings would take an immediate hit.However in the above countries,drug companies are under the ambit of the government and are forced to keep the prices of drugs within a range.
2)Education:
US primary education standards are on the downhill as per many studies.However,US continues to excel in its post graduate and research programs.US is still able to attract the best brains from around the world and they continue to make it their home.
However,the future immigration policies of subsequent governments would have a strong say on if this trend would continue onto the 21st century.
3)Foreign policy:
The US has come under heavy criticism from around the world after the twin blunders of Iraq and Afghanisthan.Its a fact that US hegemony will be on the decline as we move into the 21st century.Putin moving Russian forces into Syria in support of Assad is a clear sign that the cracks of US foreign policy are starting to backfire.
BRICS ( Brazil ,Russia,India,China , South-Africa) & Israel would take stronger roles in fighting terror in the coming decades and would continually challenge US foreign policies.We are already seeing evidences of this with China investing massively in Africa and building islands in South China sea against US interests.
However US continues to have the largest military budget & military bases by far comparing to any other country.
4)US Debt :
The US debt would spiral into trillions with the baby boomers set to retire in the next 5-10 years.Social security and medicare bills are a ticking time bomb on the treasury.
Given the fact that majority of the US debt is held by China,the next President would have a tightrope diplomacy to maintain.He or she will not be in a position to act indiscriminately against China.
Any massive selling of US debt would lead to a crash in the dollar which could trigger a further recession.
5)Family & Savings :
The American mindset would have to learn to respect these two crucial 6 letter words if they are to prosper in the 21st century.
a) Family :
Countries like India where the families are closely knit are closed from external shocks in economies primarily because families step in when members are in an economic crisis and hence there is a lesser dependency on the government.Medical insurance and health care is extraordinarily cheap and hence children take charge of the parent's medical bills once they enter into old age.Hence the government is freed up of social security and medicare bills.This behavior has been culturally embedded into their DNA whereas in the US , "independence" is an overly rated virtue.
b)Saving :
Families in India run on the debit transactions unlike US where everything runs on credit.Hence,children are continually encouraged to save from childhood.Banks do not lend home loans unless you shell in 20% of the down payment.Hence India did quite well even as the housing market in the US crashed.
6)Immigration:
The US immigration story has been a great success over the decades.However the Republican calls to cut down on H1B visa's to 20 000 doesn't look promising.H1B visa's are issued to highly skilled workers like IT professionals,doctors and engineers.
The Republican fear mongering is against the stand of stalwarts like Bill Gates who have called on the US government to issue infinite H1B visas as these workers are highly skilled and are more often than not would end up starting ventures in the US in the long run and create more jobs.
The US would continue to flourish as long as it continues to bring in the best brains & minds.
Accepting Syrian refugees is a different debate altogether and the 2 issues are often mixed up by the right wingers while debating.
The world needs America to keep doing well into the 21st century and let's hope the legislators make all the right choices in the days ahead.
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