Never Bet Against America

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Granted, we have sunk very low in our political discourse in this country. It often feels quite tribal.

And while there are some who believe we are in an irreversible decline -- the Chinese elites certainly believe so -- it is important to know that the United States continues to have the world’s most innovative economy. 

 Warren Buffett is right when he says never bet against America.

Seven of the ten most valuable companies in the world and 14 of the top 20, are headquartered here in the U.S.

When we look only at technology companies, the U.S. has 12 of the top 20; China (with Hong Kong but excluding Taiwan) has three.

There are seven European companies in the top 20 of life sciences. But the US has seven of the top 10, and 11 of the top 20. There is also one Australian and one Japanese company, but no Chinese businesses.

In short, U.S. companies are globally dominant and nearly all the most valuable non-US firms are headquartered in allied countries.

Also important are universities. Five of the top 10 and 10 of the top 20 universities are American and only one is Chinese. In all, we are from a collapse into economic irrelevance, especially when combined with our allies.

 Our Biggest Threat

 The biggest threat to the U.S. is not China or Russia but ourselves. If we continue to elect leaders who view democracy, ethnic diversity, global alliances, and science with distaste, we will surely decline as a nation. Republicans’ failure to repudiate the former president and embrace conspiracy theories shows that is indeed possible.

 But I believe reason will prevail in the long run. A great U.S. asset has been its ability to attract the world’s best and brightest. Two men born in India now run Microsoft and Alphabet. One of Google’s two co-founders was an immigrant from the Soviet Union. The nativism now on display by the radical right runs against this, but I believe will run its course.

Diversity, within a framework of shared institutions and values, is still be a huge source of vitality in US strength in business, culture and politics. As long as we remain a democratic, free and open country, we will remain the world’s most influential country far into the future.

But if we turn our backs on a shared vision of a better future, we will be on a path to ruin.

But I don't think that is going to happen. We will eventually recognize the wisdom for common ground and governing by compromise and this age of rage and rebellion will subside. The best is yet to come.

Dean Barber is the principal of BBA, a Dallas-based consultancy that helps economic development organizations unleash and create a better business environment within their communities. BBA also helps companies find optimal locations where risks are reduced and a return on investment is enhanced. Visit us at barberadvisors.com