America in Decline

As political power ebbs from the Bush presidency, a number of changes are becoming visible around the world -- most of them unwelcome. Simply put, the White House is losing its ability to shape events.
President Bush's relentless focus on Iraq magnifies this problem. His almost daily comments on the war underscore just how much he has ransomed his presidency and the nation's security to the unlikely prospect of success in Iraq. And the monomania about Iraq distracts Bush and his advisers from other big issues that need attention.
What else is there to worry about? "A key question in assessing the risks to the outlook is whether the global economy would be able to 'decouple' from the United States were the latter to slow down more sharply than projected." This is from the latest World Economic Outlook report, prepared by the International Monetary Fund before this weekend's gathering of global bankers and finance ministers.