A Brit's brief for the U.S.

Is America respected in the world? Does it matter? Either way it's not a good time to be, in the words of Gerard Baker of The Times of London.

The real question about American power is whether the realities that underpin it are shifting. There, I?m afraid, the news for Americaphobes is grim. The US economy continues to grow at a pace that far outstrips its rivals in the industrialised world. Though China is growing at three times the pace of the US, America?s economy is so large ? $12 trillion annually ? that , even in the unlikely event that China will continue to grow at its current rate, it will take 30 to 40 years to catch up with America.

Despite the heated rhetoric, the US is not going bankrupt ? its fiscal deficit is falling and its accumulated debt is easily manageable. Compared with most other advanced economies, its demographics look indecently healthy. This month the US population passed 300 million; it will be 400 million in less than 50 years, and still relatively
youthful.