America's Waning Dominance - the Principal Reason Attributable to the Eroding Middle Class

The global economic landscape is undergoing significant changes, with various nations grappling with diverse issues. Let's delve into some key points that highlight these trends and challenges.

In many countries, the middle class plays a crucial role in driving the economy, accounting for two-thirds of all consumption. However, the American middle class has been struggling, facing debt and high taxes, reminiscent of the French bourgeoisie before the French Revolution. This decline has been evident over the past 50 years, with the middle class shrinking from 61% to 50% of households.

Consumerism is a significant contributor to America's GDP, making up 70%. A declining middle class could lead to a drop in investment and education, as well as an increase in the level of debt. This is a trend that has been observed, with poverty rates rising to 12.4% in 2022 from 7.8% in 2021, and poverty among children more than doubling in the same year.

The manufacturing industry, often seen as a key factor in economic recovery, has taken a hit in the U.S. due to innovation decreasing during the COVID-19 pandemic and monopolies. This has led to a slowing of growth in the industry and a flat margin during the pandemic.

On the other hand, China, a global leader in innovation, has been making strides in the manufacturing sector. However, concerns have been raised about China's activities in Africa, where they have installed mining factories that violate human rights concerns of the African people they employ. Additionally, China has created around 73 billion dollars of Africa's debt in 2020 alone, leading to a debt trap for many African countries.

The devaluation of the dollar has implications not just for the United States but for developing nations as well. This trend, coupled with the financial crisis that often accompanies a recession, could potentially devastate huge populations.

Education is another critical factor in a country's performance. The U.S., despite its economic might, is not currently performing at the top in this regard. This skill gap in the country contributes to many Americans being underpaid.

The French Revolution serves as a stark reminder of the consequences of an unbalanced society. The revolution was sparked by the middle class, who were dissatisfied with their treatment and lack of power within the government. The same issues seem to be resurfacing in the U.S., with the 1% controlling two-thirds of new wealth, a situation that would have been mitigated by government prevention of monopolies.

In conclusion, maintaining a strong middle class is key to economic hegemony around the world. Improving the middle class is not just about economic prosperity, but also about protecting the truest goals of democracy - ensuring that every individual has the opportunity to rise above their station, as the French bourgeoisie were once unable to do due to hereditary nobility. A revolution in the sense of freeing the people from monopolies, corrupted systems, and despondency, is the key to not repeating history.