Key Takeaways:
- The upcoming 2024 elections put Joe Biden and Donald Trump at each other’s throats.
- The Israel-Hamas has several proponents in both the East and the West.
- Prevention of full-blown WW3 should be the priority of US voters.
YEREVAN (CoinChapter.com) — As the 2024 US Presidential elections loom, the country is preoccupied with the economic and political climate within its borders.
Joe Biden Pats Himself Over War on Inflation
The inflation rate climbed 0.4% month-over-month, slightly exceeding estimates. Still, the unemployment rate stayed below 4% for 20 consecutive months, prompting Democrat US President Joe Biden to praise his administration on a job well done handling the COVID crisis.
I’ll continue to fight to build an economy from the middle out and bottom up — even as Republicans in Congress make reckless threats to weaken our economy, prioritize tax cuts for the wealthy and large corporations, and push for deep cuts to programs that are essential for hardworking Americans.
said Biden in a press conference on Oct 12.
Donald Trump-led Republicans Think Biden Has Failed
On the other side of the political spectrum, the Republicans and their prime presidential nominee, Donald Trump, are less than pleased, blaming Biden for the looming recession, soaring interest rates, and the resulting credit crunch.
The former president claims that tax cuts are the way forward if the country hopes to avoid another “Great Depression.”
Larry Kudlow, who served as Director of the National Economic Council under Trump, retaliated by calling Biden a “bottomless Pinocchio.”
Achilles heel of the Biden administration of the past nearly 3 years [is that] prices have gone up faster than wages.
he told Fox news.
Both sides keep insulting each other in what can only be conceived as one of the sharpest ideological divides in US history.
Meanwhile, the ruling US party is also involved in a larger geopolitical game, which might be unclear initially. Thus, the political parties’ approach to macroeconomy could prove crucial for US citizens and the global public.
Democrats vs. Russia, Hamas, and China
The ongoing violence in Ukraine took a back seat the previous week after the Palestinian terrorist group Hamas attacked Israel in the largest escalation of the Middle East conflict in decades. However, let’s not forget that the US has been in a proxy war with the Kremlin since they attacked Ukraine in February 2022.
As a result, the US allocated $113 billion in aid to support Ukraine, boosting its military-industrial complex. But a growing number of Republicans were souring on further support. Some feared Russia’s invasion of Ukraine would become a “forever war,” putting a strain on US resources.
Fast forward to October 2023, the Democratic administration voiced its unequivocal support of Israel, a strategic ally since the country’s establishment in 1948. Since then, the US aid to Israel has totaled $158 billion — more than the US has given to any other nation.
At the same time, Trump somewhat dampened his relationship with Israeli Prime Minister Benjamin Netanyahu. The ex-president called Netanyahu out for being “unprepared” for the Hamas attack and called the Lebanese Hezbollah, a sworn enemy of Israel, “very smart.”
Notably, he did not support the organization, but calling them smart was enough to trigger a wave of indignation.
DID YOU KNOW: The Lebanese Hezbollah group was created in the early 1980 for those out of the loop. It adopted the ideology after the Iranian Revolution 1979 and has Iran's financial support today, albeit unofficially. Hezbollah militia, which controls southern Lebanon, supports Hamas and fired missiles into Israel at the northern border. Israel responded with artillery fire and airstrikes.
Israel-Hamas War’s Implications — WW3 Ahead?
Russia did not take an outright side in the conflict. Despite the obvious advantages for the Kremlin, Netanyahu declared that he did not see any evidence of Hamas support from President Vladimir Putin.
It’s true that Russia has a long relationship with Hamas. Russia never declared Hamas a “terrorist organisation.” Hamas delegations were in Moscow last year and this year. But I would not infer from that that there has been extensive military support.
said the Israeli Prime Minister.
China could emerge as another player in the proxy war without firing a shot. Officially, the country called on BOTH SIDES to cease the violence. However, the message ran hollow, as it is an unofficial equivalent of “we will support whoever is more profitable.” So, which side is more profitable?
Iran’s relationship with the West and Israel is sour. Conversely, the country developed a friendly, economic, and strategic relationship with China. In March 2021, Iran and China signed a 25-year cooperation agreement that will strengthen the relations between the two countries and that would include “political, strategic and economic” components.
Turkiye is another crucial NATO force in the Middle East. Turkish President Recep Tayyip Erdoğan criticized Israel’s “disproportionate” attacks on Gaza as “devoid of any ethical foundation” and called on the world not to “blindly” take one side.
In the meantime, Erdogan comfortably supported the totalitarian regime in Azerbaijan, which carried out a blockade and ethnic cleansing of Armenians, effectively dissolving the Republic of Nagorno-Karabakh.
The situation in the Middle East and Europe has the potential to erupt with irreparable damage to the countries that prefer to fund conflicts without actually fighting them.
Conclusion
Why should the US public care about foreign policy so much?
Because both potential US leaders will shape international relations that are strained beyond measure at the moment. As a leading global economy with $25 trillion in gross domestic product (GDP) and 83 nuclear-powered ships (among other advantages), the US has a strong say in what can only be described as a brewing WW3.
Here’s a short recap:
Russia rages war against Ukraine and the West and could have a bone to pick with Israel as a key US ally in the Middle East. Palestinian Hamas and the Lebanese Hezbollah attacked Israel, spurred on by Iran. Iran is at odds with the West, possibly in cahoots with China.
China keeps a neutral stance for the time being. The US has its own election coming up, but putting too much emphasis on internal squabbling distracts the voters from larger geopolitical issues.
As ordinary citizens and not country rulers, we are “not privy” to the truth about conversations behind closed doors.
The only thing we can do is educate ourselves on history and politics. Thus, every US citizen stepping into a voting booth in 2024 should think long and hard about their decision, choosing based not only on internal legislation, particularly concerning inflation but also on foreign policy.
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