Intriguing article here, questioning whether the US’s increased military funding can accomplish its goals without draining the economy through overstretch. Hey, isn’t this what happened to the Soviets in the 70s and 80s?
In economic terms, the US has actually been in decline relative to the rest of the world since it accounted for half the world’s output after the second world war. In the past few years its share has bounced back to nearly 30% on some measures, partly because of the Soviet implosion and Japanese stagnation, and partly because of America’s own long boom. But in the medium term, the strain of military overstretch is likely to make itself felt. More immediately, the US could face regional challenges, perhaps from China or Russia, which it would surely balk at pushing to military conflict.
Sometimes you just have to know when it’s time to let go. The UK’s Royal Navy faced this issue in the run-up to WW1, as its doctrine of possessing a battlefleet that was larger than the world’s two next largest navies put together ran right up against economic limits, especially when the Germans began racing in earnest.
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