Investors have flocked to a rising stock market, fueled in part by dreams of endlessly evolving technology. Ironically, economic prosperity is disproportionately flowing to the upper strata of society and for many the mana of carefree living is setting in, as inflation drops and the prospect of lower interest rates points to better things to come. This description could apply to the “Roaring Twenties,” yet it also fits into America today. The Dow Jones Industrial Average broke an all-time high this month along with the NASDAQ and the S&P 500.

I’m not about to forecast a 2024 version of the 1929 stock market crash, although exceedingly high and growing corporate market valuations historically aren’t sustainable. Computer modeling and economic expertise are way ahead of what was available in the 1920s; so, I don’t expect we will have our version of 1929’s Black Friday, but I do worry a bit about what former Fed chairman Alan Greenspan called “irrational exuberance,” artificially pushing up stock prices.

Carefully navigating the country through tricky financial times is going to be crucial no matter who becomes the next president. However, I am equally concerned about other mounting issues that seem to threaten our lives and livelihoods, yet disregarded or unheeded by many as life fizzes on.

The best way to get into this is to recall what Charles Dickens said as he began “A Tale of Two Cities,” his book about London and Paris during the French Revolution. “It was the best of times, it was the worst of times.”

While America’s economic indicators are increasingly strong, evidenced by good times, one could also make the case that we may be facing dangerous times. How so?

Climate change is no hoax. Storms are getting worse. Fires are burning our forests. Insurance rates are climbing. Temperatures around the world are setting historical records, year over year. Aquifers and rivers are sinking. The Arctic ice cap is melting away. Are we approaching an unstoppable tipping point? It’s a heck of a thing to bequeath to the next generation. Shame on us if we do.

Artificial intelligence is a double-edged sword, so promising in so many ways, but if not controlled an existential threat to humanity. How do we manage this inexorable creature of our own devices?

Global authoritarianism is propagating in the world, threatening democratic ideals and institutions. How to respond to these despotic challenges socially, politically and economically will take collective action and skilled political leadership.

Russian aggression and Chinese hegemony will be at the ramparts of our nation for the foreseeable future. Countering their challenges will take experienced, savvy leadership and a collective national resolve.

As global political and economic conditions persist, mass migrations of people around the world will continue if not increase. America is the sweet landing spot for many of these migrants, not Russia, China or Iran. Finding the right immigration policies that balance the ideals of Lady Liberty, the limits of what we can absorb and the needs of agriculture and manufacturing America will be challenging, to say the least.

Global terrorism shows no signs of declining. As terrorism continues with associated cyber threats, we as a nation face security issues unknown to previous generations. These are very real threats to our security and who we are as a nation. This is no time for schoolyard partisanship when we are imperiled by 21st-Century forces.

Misinformation and disinformation run rampant on social media and threaten what we historically believe… that truth is self-evident. Digital influencers at home and abroad are widespread and exist essentially unchecked. How to counter these threats is increasingly problematic, and demands skillful and competent leadership.

Political violence and partisan rancor are tearing at the fabric of our society, threatening not only our democratic ideals but also our humanity. A friend of mine in a moment of anguish called it “gang violence.” Abraham Lincoln warned us that “A house divided against itself cannot stand.” His admonishment was a variation of a Biblical verse from (Matthew 12:25): “Every kingdom divided against itself is brought to desolation, and every city or house divided against itself shall not stand.” Ignoring these warnings is reckless if not suicidal.

Are we sufficiently prepared for the next global pandemic? It’s inevitable. The increasing global transit of people will likely lead to another pandemic, whether it’s the next mutation of Covid, influenza, or disease X. Has complacency already set in or are we going to be better prepared for the next one?

The list of challenges is longer. Gun violence continues. Drug trafficking and drug addiction still trouble our communities. Pro-choice and anti-abortion struggles continue to divide America. Healthcare and social security in America need serious policy attention.

These are not trivial issues. They will require skillful, moral leadership, not divisive hyperpartisan leadership. We will need leaders with purposeful and intentional agendas, not personal agendas.

In some ways, we could say that these are indeed the best of times, but they also have the potential to be the worst of times. These challenges will test the collective resolve of our nation, and a divided nation is a failing nation. The trajectory of a nation can turn on a dime, and history is replete with examples.

One of the morals in “A Tale of Two Cities” is the irony that things are not always as they seem. For today’s Americans, a carefree outlook may dangerously overlook threats to our nation and our global leadership. We are, without a doubt, a nation at risk. It’s why astute and serious political leadership matters.

Bill Sims is a Hillsboro resident, retired president of the Denver Council on Foreign Relations, an author and runs a small farm in Berrysville with his wife. He is a former educator, executive and foundation president.