The two hosts are back to examine three issues yet again.
Joe Biden’s State of the Union
President Joe Biden’s State of the Union address set the stage for the rest of his term. He vowed to finish the job, called for bipartisanship, and defended social security from budget cuts. Biden touted his past two years as a success. Commentators saw this speech as preparation for a 2024 presidential run. At 80 years, his age has caused consternation among Democrats and voters over his ability to win a second term. The COVID pandemic, energy crises and the never-ending argument over how to rein in rampant spending has taken a toll on Biden. The ever-rising debt ceiling has brought social benefits in the cross hairs of many lawmakers who are looking to cut deficits and contain debts.
US-China Tensions Escalate
US-China relations have deteriorated even further after a Chinese spy balloon was shot down over North America. In response, US Secretary of State Anthony Blinken canceled a high-level meeting with the Chinese government.
China still maintains its innocence, claiming it was a civilian weather balloon that had blown off course. This comes as China pushes an increasingly ultranationalist view of its place in the international order, with little moderation.
As top dog, the US naturally does not like Chinese aggression and is responding vigorously. Tensions are set to rise in the days ahead.
Destabilizing Energy Supply Ukraine’s Defense
Russia announced it would reduce oil production by 500,00 barrels per day. Clearly, Western sanctions are taking a toll. This reduction in supply comes at a time of record global demand in 2023. This will put upward pressure on the price of oil, which will cause inflationary pressures on the global economy.
Inflation is causing tensions in many economies. So far, the US, the UK and other NATO powers have poured billions to bolster Ukraine’s defense. However, support for Ukraine might be weakening. In the US, some Republican politicians are calling for reduced funding or ceasing aid altogether. In other European countries, war weariness is starting to set in. As costs rise, how long will nations and citizens put up with worsening economic conditions with no end in sight?
The views expressed in this article are the author’s own and do not necessarily reflect Fair Observer’s editorial policy.