I liked reading the recent Bloomberg Opinion editorial that argues that the West should not slash aid to Ukraine, because Russia’s economy is in increasingly bad shape. The editorial was published in the South Jersey Times print edition under the headline, “Putin’s weaker than he looks.”
That’s not true, long-term, based on things I have read. By almost any ethical or moral standard, Vladimir Putin is a poor excuse for a human being, but his economic resume as president of Russia is impressive. Despite Western sanctions, he balanced the federal budget with minimal foreign borrowing. Russia has hundreds of billions in bank reserves and a wealth fund with at least $135 billion. The country may have hit a rough economic patch, but it has a solid financial foundation.
Compare Russia’s economy to the United States’. Our economy is heavily dependent on foreign countries, especially China, which has been buying up our enormous debt. No elected politician in either party has any plan, let alone a credible one, for reigning in our unsustainable spending.
China doesn’t need drones to inspire fear in America. It just needs to announce that it won’t be our banker anymore.
Carol Rhodes, Barnsboro
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