JRL NEWSWATCH: “Why Russia’s Economy Is Headed for Trouble; A lack of real reforms and a hyper-dependence on oil has prevented the emergence of a healthy, diverse economy” – The National Interest/ Michael Rubin/ American Enterprise Institute.

File Photo of Vladimir Putin at Podium with United Russia Logo, Gesturing

“… Putin’s lasting legacy … will not be his wars in Georgia or Ukraine nor the new submarines, fighter jets, nuclear weapons, or hypersonic missiles whose manufacture and unveilings he has overseen. Rather, Putin’s historic legacy will likely be inheriting a country with great economic potential and leaving it an empty husk.  After so many years in power, Putin has no one to blame but himself. … [After the Cold War ended, r]ather than demand reparation for Cold War wrongs, the West extended billions of dollars in direct and indirect aid. Former communist party members – Putin included – kept their jobs and did not need fear a purge …. True, Russia has suffered demographic decline … but that is … a result of … the policies and … culture of hopelessness that decades of Putinism have wrought …. As Putin has increased Russian dependence on hydrocarbons, he has become a slave to fluctuations in the market. When oil declines – and it is now on a downswing – the Russian economy stagnates. At such times, it is not uncommon to find Russians comparing their leader to … Brezhnev, best remembered … for … stagnation and decline. In 2011, a Levada Centre poll found that more than one-fifth of Russians wanted to leave their country permanently. … while Putin’s approval remains high, the government’s approval ratings have plummeted. …”

Click here for: “Why Russia’s Economy Is Headed for Trouble; A lack of real reforms and a hyper-dependence on oil has prevented the emergence of a healthy, diverse economy” – The National Interest/ Michael Rubin