Americas

Foreign Affairs Article

America’s Brewing Debt Crisis

Author: Robert E. Litan

“Although short-term debt poses one of the greatest threats to the financial stability of the United States, Dodd-Frank has done little to mitigate it. Fortunately, several experts have proposed ambitious ways of dealing with the problem, including expanding federal insurance of bank deposits, allowing the Federal Reserve to lend money to more firms in the case of a panic, and banning unregulated financial institutions from issuing runnable liabilities,” writes Robert E. Litan.

See more in United States; Budget, Debt, and Deficits

Foreign Affairs Article

Development's Gender Gap

Author: Rachel B. Vogelstein

Last week, U.S. President Barack Obama hosted a White House Summit on Global Development to map the future of U.S. development efforts. The meeting took place just as the United Nations has begun to measure progress toward the 2030 Agenda for Sustainable Development, an ambitious set of goals to eradicate poverty adopted by the United States and 192 other nations last year.

See more in United States; Global; Women

Foreign Affairs Article

Can't Have It Both Ways in Iran

Authors: Reuel Marc Gerecht and Ray Takeyh

As the U.S. campaign season wears on, both Republicans and Democrats are pledging to stay tough on Iran. Such promises aren’t new. Last summer, as the Barack Obama administration unveiled its nuclear agreement, U.S. Secretary of State John Kerry assured skeptics that the United States would sustain essential sanctions that punish Tehran for its aid to terrorists, regional aggression, and human rights abuses.

See more in Iran; United States; Treaties and Agreements; Public Health Threats and Pandemics

Foreign Affairs Article

American Political Decay or Renewal?

Author: Francis Fukuyama

Two years ago, I argued in these pages that America was suffering from political decay. The country’s constitutional system of checks and balances, combined with partisan polarization and the rise of well-financed interest groups, had combined to yield what I labeled “vetocracy,” a situation in which it was easier to stop government from doing things than it was to use govern­ment to promote the common good.

See more in United States; Elections

Foreign Affairs Article

The Case for Offshore Balancing

Authors: John J. Mearsheimer and Stephen M. Walt

For the first time in recent memory, large numbers of Americans are openly questioning their country’s grand strategy. An April 2016 Pew poll found that 57 percent of Americans agree that the United States should “deal with its own problems and let others deal with theirs the best they can.” 

See more in United States; Grand Strategy

Foreign Affairs Article

Making America Great Again

Authors: Jacob S. Hacker and Paul Pierson

At a debate among the Republican presidential candidates in March, U.S. Senator Ted Cruz of Texas boiled down his campaign message to its essentials: “Here’s my philosophy. The less government, the more freedom. The fewer bureaucrats, the more prosperity. And there are bureaucrats in Washington right now who are killing jobs and I’ll tell you, I know who they are. I will find them and I will fire them.”

See more in United States; Economics

Foreign Affairs Article

The Once and Future Superpower

Authors: Stephen G. Brooks and William C. Wohlforth

After two and a half decades, is the United States’ run as the world’s sole superpower coming to an end? Many say yes, seeing a rising China ready to catch up to or even surpass the United States in the near future. By many measures, after all, China’s economy is on track to become the world’s biggest, and even if its growth slows, it will still outpace that of the United States for many years.

See more in United States; China; Economic Development

Foreign Affairs Article

The Fed's Unconventional Monetary Policy

Author: Martin S. Feldstein

Now, almost a decade after the Great Recession hit, the story of its origins and course has become familiar. It began in December 2007, soon after the U.S. housing bubble burst, triggering the widespread collapse of the U.S. financial system. Credit dried up, as banks lost confidence in the value of their assets and stopped lending to one another.

See more in United States; Monetary Policy

Foreign Affairs Article

Is Innovation Over?

Author: Tyler Cowen

Almost seven years after the Great Recession officially ended, the U.S. economy continues to grow at a sluggish rate. Real wages are stagnant. The real median wage earned by men in the United States is lower today than it was in 1969. Median household income, adjusted for inflation, is lower now than it was in 1999 and has barely risen in the past several years despite the formal end of the recession in 2009.

See more in United States; Innovation

Foreign Affairs Article

The Good News From Google

Author: Ruth Porat

Ruth Porat has taken an unusual path to the tech world. Before becoming the chief financial officer at Google in May 2015 (and then at Alphabet, Google’s new parent company, a few months later), she held the same post at Morgan Stanley, where among other roles she worked closely with the U.S. government to sort out the troubles at the insurance corporation AIG and the mortgage-financing agencies Fannie Mae and Freddie Mac during the 2008 financial crisis. 

See more in United States; Technology and Science

Foreign Affairs Article

Fight or Flight

Author: Kenneth M. Pollack

The modern Middle East has rarely been tranquil, but it has never been this bad. Full-blown civil wars rage in Iraq, Libya, Syria, and Yemen. Nascent conflicts simmer in Egypt, South Sudan, and Turkey. Various forms of spillover from these civil wars threaten the stability of Algeria, Jordan, Lebanon, Saudi Arabia, and Tunisia. Tensions between Iran and Saudi Arabia have risen to new heights, raising the specter of a regionwide religious war. 

See more in United States; Middle East and North Africa; Conflict Prevention