Either Joe Biden's policies or Donald Trump's policies will leave the US without superpower status in our lifetimes and reduce our standard of living. It's just Biden delays it, and Trump tries to get it over with, but somehow won't be able to due to his inexperienced cabinet picks.
If it were just China and the US fighting this Cold War II, China would be winning. But because of liberal delusions of we are the West vs. we are a country, liberals delude themselves into thinking we are winning. South Korea is busy with North Korea, which, by the way, sends troops and gives away howitzer rounds to Russia. Meanwhile, Japan, which has a declining population and could face Chinese inclusions on their islands themselves, is increasingly being asked to defend Taiwan from the US who may not even get involved depending on a few thousand votes in 3 Rust Belt states.
The Europeans are in an even worse condition. Europe underinvests in Africa vs China. It's like the saying goes: whenever the UK comes to an African country, they get a lecture; when the Chinese go there, they get a new hospital. And they have underinvested in emerging technologies and even in their defense. 500 million Europeans (including the UK) are being asked to be defended by 345 million Americans who also patrol the world's oceans against 160 million Russians and Belarusians in their own backyard. And yes, Europe lacks the resources of the Western Hemisphere or Asia, but they have the troops and the know-how. Also, their population is declining.
In fact, I am shocked. It shouldn't be China or the US who are leaders in funding R&D in space; it should be resource-unlucky Europe. But here we are. Also, Ukraine invaded Russia, and no nukes are flying. We have sent Ukraine almost everything but nukes and high-budget items (5 Gen and 4.5 Gen fighters, nuclear subs, etc.), and no nukes are flying.
The situation with Australia is even more funny. The Australians are being asked to man nuclear-attack submarines and a bigger navy. But U-boat operations didn't work in World War 2, and they won't work here. It doesn't matter how many Chinese cargo ships you sink; there will always be more.
The superpower status of the US benefits the US mainly through better and cheaper products and immigrants coming over. If we see supply chains cut, say China blocks Taiwan (no more 5nm and smaller chips), Russia stops Ukrainian fertilizer exports, and North Korea nukes Seoul (no more cheap tech, cars, etc.) Inflation will be the least of our worries. Oh, and a portion of the world straight-up starves.