Guest article: “Morning in America” – Is a new Golden American era budding beneath our eyes (even on the day after the Fitch Sovereign Downgrade)?
Unedited Guest article: “Morning in America“: Is a new Golden American era budding beneath our eyes (even on the day after the Fitch Sovereign Downgrade)?
3 August 2023, Ohio; USA
Today’s Bloomberg article with the headline “Corporate America Reinvests in Itself” leads to the important question: Are we embarking on a new dawn in the US economy and US global leadership?
I’d argue an early but resounding yes! That’s as Corporate America individually and collectively reinvesting in business at home marks perhaps the best and most important indicator of internal confidence and rebirth. In this regard, I would underline the vital importance of recent Federal legislation that positioned the USA at this auspicious and advantageous juncture, especially since new golden eras, economic renaissance, and paradigm changes do NOT occur by natural osmosis.
Rather, the CHIPS and Inflation Reduction Acts (beyond being powerful re-industrialization tools) provided the incentives for America to reinvest in itself, rebuild its supply chains and manufacturing prowess, improve its economic and national security, protect our vulnerable planet, and build wider prosperity across the breadth of the country (via the creation of millions of high paying jobs in vital 21st century industries of the future, even in forlorn “rustbelt” and rural regions, some of which you can see portrayed throughout this famous Bruce Springsteen music video about American struggles, poverty, war, and grit).
In a 4×100 meter relay metaphor, the government can be the lead runner that starts the race with vision and energy out of the gate – which subsequently acts as magnet (bringing the fresh legs of industry and private capital with a gusto that wouldn’t have otherwise appeared) producing the well-known (and virtuous) government spending “multiplier effect” across US society and partisan divides.
Thus, despite myriad US problems (and the newly defining challenge of keeping America’s bipartisan commitment to democratic values and the rule of law strong), these two re-industrialization bills (the CHIPS and IRA Acts along with the corollary Infrastructure Investment and Jobs Act) may be producing a new “Morning in America“, reminiscent of Ronald Reagan’s inspiring campaign theme and associated commercial at the 1984 Republican National Convention. The last words of President Reagan’s enduring message back then resonate with the rhetorical and timely question: “Why Would We Ever Want to Return to where we were less than four short years ago?”
On the geopolitical side, naked and existential Russian aggression in Ukraine against the international rule of law (which would have outraged Ronald Reagan in 1984) has been decisively checked by a renewed and unified NATO – and Vladimir Putin is sequestered inside Russia, facing the accountability of an international arrest warrant for war crimes from the International Criminal Court in the Hague (which is likely to cumulatively beleaguer him for the rest of his life). China is consumed by economic turbulence and political intrigue (with the unexplained short tenure of its missing Foreign Minister just one phenomenon of recent note).
While liberal democracies remain at risk (which we must vigilantly guard against, especially since our gravest peril most likely resides from within), we should remember the powerful resiliency of democracy and capitalist investment marching together in unison. These dynamic twin foot soldier engines (while imperfect and much maligned by many on both political extremes) still create economic and social progress (and greater wealth) for the next generation – as we simultaneously safeguard our planet’s welfare from the ravages of climate change (especially since Judeo-Christian values teach we are guardians of the Earth first).
In sum and while it always seems darkest near the end of the tunnel, we may very well be at the dawn of a new “Morning in America” once again. That’s even the day after the Fitch sovereign US credit downgrade and two days after US Department of Justice Special Counsel Jack Smith’s historic indictment of former President Trump (for actions leading to the January 6th Insurrection). That’s especially if America continues to respectfully listen and sensitively engage with the world with clear moral, economic, and multilateral security leadership and avoids self-inflicted wounds, stemming from dangerous nativist grievance and delusions.
david_schane@hotmail.com