LARRY KUDLOW: Right now, with the world on fire, we have neither peace nor strength

The U.S. shrugs as World War III approaches and that's the subject of the riff. Check out the important WSJ op-ed by respected foreign policy analyst Walter Russell Mead, entitled: "U.S. Shrugs as World War III Approaches." On the campaign trail, Donald Trump often talks about the threat of World War III. I hope as many voters as possible listen carefully to what he's saying. Walter Russell Mead talks about a new alliance between China, Russia, and Iran. I would add North Korea, as well. 

Professor Mead cites reports that Ukraine is "bleeding out" – and then other reports suggest over a million people have been killed on both sides of the Russia-Ukraine war. Then China threatens Taiwan on a daily basis and is trying to drive Philippine forces from various islands that Beijing illegitimately claims. 

Russia may be helping Iran cross the finish line in its race for nuclear weapons. Trump often cites how the Biden-Harris administration has so relaxed the sanctions he put in place on Iranian oil production, that Iran is an economic and financial powerhouse, having been virtually work just four years ago and Iran's biggest oil customer is China, and China has also become Russia's biggest oil customer. 

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In both cases, in violation of sanctions the Biden-Harris administration refuses to enforce. U.S. Congressional leaders, along with European Union leaders, would like to seize Russian central bank assets, possibly as much as $300 billion worth, to put real pressure on Putin, but Biden-Harris have never really pushed hard on the issue. 

In a word, the current administration has practiced a foreign policy of appeasement, not deterrence, all around the world. Even today, as Israel cleverly sabotaged thousands of Hezbollah cell phone pagers, wounding thousands of terrorists, Biden-Harris still won't unequivocally stand up for Israel. 

Professor Mead cites an alarming report by the bipartisan Commission on the National Defense Strategy, which paints a devastating picture of political failure, strategic inadequacy, and growing American weakness -- in a time of rapidly increasing danger. The Commission says the U.S. faces the most serious and most challenging threats since 1945, including the risk of near-term major war. 

However, few people in the corridors of power in Washington DC seem to be paying attention to this gloomy report and the Commission finds that the U.S. military lacks the capabilities to prevail in combat. Real defense spending adjusted for inflation has been declining during the Biden-Harris years. 

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As a share of GDP, defense spending is projected to decline under 3%. During the Reagan years, when The Gipper was crusading against Soviet communism, he boosted defense spending to roughly 6.5% of GDP. Politicians of all stripes often talk about "peace through strength," but right now, with the world on fire, we have neither peace, nor strength. That's the riff. 

This article is adapted from Larry Kudlow’s opening commentary on the Sept. 17, 2024, edition of "Kudlow."