You forget the huge dividend we reap from being the world's greatest, then only superpower while still being a rule-of-law nation: the dollar is the world's reserve currency. What this has meant is that we were able to spend beyond our revenue without risking inflation. In essence, this was the tax on the rest of the world that many have called for to cover the costs of us defending them. Beyond monetary policy, our military domination combined with our fundamentally benign intentions, has made us the leader in the new world economy in ways that have been profoundly beneficial to us financially. Obama is throwing that all away and does not even seem to know it is there to be discarded.