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Oh man. There is a lot to economics, but as a finance quant and macroeconomics enthusiast, I would say the US' competitive advantage is good financial regulation and free capital flows + less regulatory burden than other developed countries. The bad part is corrupt and inefficient big government (all the adjectives here are necessary, if government is a smaller % of the economy then inefficient and corrupt are less of a problem). Directionally, I agree with conservative sentiment that regulation and welfare is a problem and needs to be trimmed back.
On the other hand, social stability is in fact affected by how bad it is for the poorest. There needs to be proper incentives for them to be productive instead of abuse the welfare system, but it's possible to give a better safety net to allow people to be entrepreneurial and productive. People are clever, if they don't have skin in the game, they're going to abuse the s*** out of anything you give them for free.
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