Bidenomics and the Left
source: Nonsite.org BY SAM GINDIN OCTOBER 20, 2023 There’s something happening here / But what it is ain’t exactly clear. — “For What It’s Worth,” Buffalo Springfield The other crisis The go-to crises of the socialist left have been “American declinism” and “inter-imperial rivalry.” These crises have not only been predicted by the left but often wished for , the left seeing them as doing much of the heavy lifting it cannot do on its own. This is both bad analysis and worse politics. It overstates declinism, wrongly projects the (very real) tensions between the U.S. and China into a contest over who will lead global capitalism, and assumes that things getting worse inherently advances progressive politics. The U.S. is not—apart from China—facing any definitive decline relative to its main economic competitors. Nor is it facing a profit squeeze; corporate profits have been running at their highest ever share of GDP (see chart below), and non-fin...