Optimism is creeping back into America—but don’t be fooled. The U.S. economy is a sinking ship riddled with holes: persistent inflation, a floundering job market, collapsing small businesses, overextended consumers, and a federal government awash in debt. While the U.S. might look like the last man standing on the global stage, that’s only because everyone else is flat on the mat. Our “least-bad” position won’t save us from the structural rot beneath. The reality is grim. Rampant public-sector debt, a bloated regulatory state, and unchecked spending have pushed the global economy to the brink. Even China, the supposed economic engine of the world, isn’t immune. Dr. Gao Shanwen, a leading Chinese economist, dared to reveal that real growth there might…
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