We once thought that the crisis facing the United States was simply a capitalist economic crisis. However, it now seems that social inequality and reduced class mobility under oligarchy are social crises that are more far-reaching than economic crises, weakening national governance capacity internally and draining national soft power externally.
The statement expresses the idea that the problems facing the United States are not solely an economic crisis, but also include social inequalities and reduced class mobility. The writer argues that these social issues have a more significant impact than the economic crisis, as they undermine the country's internal governance and its ability to project influence globally. The notion of an oligarchy is also mentioned, implying that the concentration of power and wealth in the hands of a few individuals is contributing to these social and governance challenges