A series of errors over a quarter-century leaves the U.S. in dire need of rebalancing.
On Sept. 10, 2001, the U.S. was at the peak of its post-Cold War dominance. Our response to the attacks that occurred the next morning began a process that diminished our status, step by step.
At home, the decision to wage expensive wars in the Middle East while cutting taxes disrupted the previous decade’s hard-won return to fiscal discipline. It is no accident that the last fiscal year in which the U.S. had a balanced budget ended on Sept. 30, 2001. Since then, we have financed our wars (and much else) with our national credit card, leading to an accumulation of debt that is weakening us at home and abroad and that can’t continue indefinitely….
Meanwhile, our excessive focus on the Middle East diverted us from the most important foreign policy challenge of the 21st century—the rise of China.