The first signs of decline are physical. Citizens don’t grow as tall. They don’t live as long. They start killing each other in large numbers.

Sounds like the post-mortem for a society that disappeared long ago, a conclusion that archaeologists deliver after sifting through bone fragments and pottery shards. Why, the puzzled scholars ask, did such a vibrant society, which produced beautiful art and remarkable scientific advances, fall apart so rapidly and leave so little behind in the unforgiving rainforest?

This time, however, the diagnosis is being provided in real time. And the society in decline is the most powerful country in the world.

According to the most recent global health surveys, the United States is witnessing a decline in life expectancy for the first time in nearly a quarter century. America is also the first high-income country to see its adults, on average, no longer growing taller. Writes Lenny Bernstein in The Washington Post:

The reasons for the United States’ lag are well known. It has the highest infant and maternal mortality rates of any of the countries in the study, and the highest obesity rate. It is the only one without universal health insurance coverage and has the “largest share of unmet health-care needs due to financial costs,” the researchers wrote.

I’d like to pin this one on Donald Trump. But U.S. decline has been ongoing for some time.

For instance, the United States ranked 16th in the 2014 Social Progress Index developed by Michael Porter at the Harvard Business School. Two years later, the United States slipped to 19th place, with particularly mediocre scores in environmental quality (#36), nutrition and basic medical care (#37), and access to basic knowledge (#40).

Let’s compare that to Canada, which sat near the top of the rankings at number two in the SPI. Canada was a little better on environmental quality (#32), quite a bit better on basic medical care (#26), and a whole lot better on access to basic knowledge (#2).

Even though Trump can’t be blamed for these mediocre social indicators, his party’s steadfast opposition to spending on social welfare and the environment certainly contributed to the problem. And Trump’s promise to “replace” Obamacare, cut social spending even further, and roll back regulatory oversight — all while boosting the Pentagon budget by an extraordinary 10 percent — will send the United States into free fall. The violent crime rate, which dropped nearly in half over the last 20 years despite what Trump claims, may well start to edge up as our pro-gun president makes firearms even more widely available and the economy takes a turn for the worse.

After what Donald Trump does to the United States, Americans won’t be able to stand tall and proud. That’s because we’ll either be short, sick, or dead.

What Goes Up…

Predictions of the eclipse of American power have been around since Donald Trump was a 30-something playboy.

It’s not just the overall health of the population and the toxicity of the environment. The United States has been hobbled by an enormous federal debt, an overextended global military presence, our failing infrastructure, and a paralyzed political system. It’s no wonder that so many Americans were sufficiently fed up in November to vote for anyone who promised to shake up the status quo.

Many Trump supporters are already having second thoughts after witnessing their leader’s first weeks in office. The new administration has given every indication that it’s exchanging the status quo for something incomparably worse.

Much of the problem lies with Trump himself. He has been erratic, often incoherent, and so disconnected from reality that he might be the first president to tweet himself out of office (if the investigation into his campaign’s connections to Moscow doesn’t get him first).

Say what you will about the early Roman emperors, they at least knew something about governance. Then, in the 1st century AD, the imperial stock started to run thin and the empire ran into serious trouble under the deranged progeny of Augustus. Donald Trump is the Caligula of our times: lascivious, incurious, and power-drunk. At what point will our American Caligula, running out of willing and even marginally suitable candidates, try to appoint a horse to his cabinet?

It’s bad enough from a domestic standpoint to have a laughing-stock for a president. The international implications are even worse. As Patrick Cockburn writes in The Independent, “It will be difficult for the U.S. to remain a super-power under a leader who is an international figure of fun and is often visibly detached from reality. His battle cry of ‘Fake News’ simply means an inability to cope with criticism or accept facts or views that contradict his own. World leaders who have met him say they are astonished by his ignorance of events at home and abroad.”

It’s no surprise that other countries are rushing to take advantage of the Trump administration’s early missteps. “It’s not just that Trump seems to have abandoned the larger geopolitical playing field to America’s principal rivals,” writes analyst Michael Klare. “He appears to be doing everything in his power to facilitate their advance at the expense of the United States. In just the first few weeks of his presidency, he has already taken numerous steps that have put the wind in both China’s and Russia’s sails, while leaving the U.S. adrift.”

China sees an enormous opportunity to cast itself as the responsible global leader on trade and climate change. Russia is angling for more influence in its near abroad, the eastern parts of Europe, and the Middle East. Germany and the European Union more generally have sought to replace the United States as a moral leader on diplomacy, human rights, and intercultural engagement.

It’s as if the empire has already fallen apart and the rivals are carving up the corpse. Except that it’s not territory that they’re grabbing, but chunks of America’s political and economic capital.

Those who believe that the United States has had only a malign influence on the world will cheer this downgrade in status. But so far only America’s soft power has taken a hit. The Pentagon remains on the ascendant. The world will continue to suffer the consequences of U.S. military force but without the mitigating influences of U.S. foreign aid and diplomacy.

What about the Stock Market?

So, if everything is doom and gloom, why is the stock market so bullish right now?

The S & P 500 rose to record highs this week. So did the Dow Jones industrial average, establishing the longest stretch of gains in 30 years. Naturally, Trump has claimed credit for all this even as he has complained of inheriting “a mess” from Barack Obama. Kellyanne Conway rushed to judgment as well, attributing the market expansion to “the Trump effect.”

The stock market responds to short-term trends and signals, and it’s focused largely on the health of the business sector. Trump has promised tax cuts, a helping hand to military contractors and energy companies, and a big infrastructure development plan. What’s not to like if you’re a CEO or a large corporation?

But beware irrational exuberance. Much of what Trump is doing is setting up Wall Street for a very unpleasant fall. The administration’s trade policies, particularly with Mexico, will hit producers hard. The infrastructure bill may not come until 2018. The impact of simultaneously adding $54 billion to the Pentagon budget and cutting taxes will throw the economy seriously out of whack.

Ultimately, however, the health of Wall Street is not the issue — it’s the health of Main Street that matters most. When the Obama dividend runs out and economic indicators start to turn south, when the coal mines and steel plants fail to magically return to their glory days of the 1950s, when farmers and blue-collar workers see how much their livelihoods depend on good relations with the world beyond U.S. borders, Trump will have a full-blown revolt on his hands. Then we’ll finally understand the real reason for the boost in Pentagon spending.

Martial law, anyone?