No matter whom to be the president of the US, Donald Trump or Hilary Clinton, the US is doomed to approach its collapse.

The decline of the US is irreversible due to its problematic financial system,  confrontational ethnic structure and dysfunctional ideology. The US political and economic establishments, once praised by all, are so rigid that only make this catastrophic process fast.

Decline of the US financial system.  

It is widely circulated that there were at least 50000 American manufacturers relocated to overseas with job loss up to 2.3 million in a decade from 2001 to 2011. One of the consequences of such relocation of manufacturing has been the shrinkage of the basis for the US government tax revenue. The company tax once sharing 50% in the US government revenue has now dropped to around 10%.

Therefore the US government is increasingly dependent on the income tax as its sources of revenue. Unfortunately, because of rapid concentration of wealth to billionaires and stagnation of the growth in income to the others, the dependence on income tax has also become questionable.

Revealed in the publication of the Centre For US Tax Policy 2016, the share of top 1% US population that has an average annual income of US$2.1 million has reached to 43.6% in the total US income tax. The income tax of the top 0.1% of the US family, which is 115,000 in number and has an average annual income of US$940 million, accounts for 20% of the total US government tax revenue.

The high level of dependence on the very rich in the income tax revenue presents a challenge to the US government. Given easy circulation of money around the world and sophistication of the systems for tax minimisation, it becomes very convenient for billionaires to minimise their taxes through legal and illegal ways, which would threaten the financial position of the US government.

Given rapid reduction of government revenue, the US government has to continuously increase the level of levies to supplement its budget. A report from US Treasury dated August 2015 indicated that the total share of levies in the government revenue increased from less than 10% to more than 30% and would continue to increase. Such levies are indeed overdraft of the future and indication of deterioration of the US government financial position.

Furthermore, the implementation of the costly social welfare programs designed by the Obama administration has resulted in disastrous situations to the financial position of the US government.  In 8 years of Obama administration, despite of improvement of the US economy in general, the debt of the US government has increased from US$10 trillion to 20 trillion. Consequently temporary closedown of the government agents and bankrupt of local governments have become frequent and reduction of public spending on policing, research and defence become necessary.

Historically, the fall of great empires usually began with rundown of their financial capability. It is without any exaggeration that the financial position of the US government shares some common characteristics to those major empires in their final stage.

For instance, Ottoman Empire suffered its financial breakdown due to disruption of the trade via Mediterranean Sea and the increase in number of the tax-free kingdoms. The collapse of the empire became inevitable as its financial capability was so tight that it could no longer able to support its army.

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