Japan is currently in recession. The UK is currently in recession. Germany is "likely in recession". France is stagnating at 0% GDP growth in 2023Q3 and 2023Q4 (not technically a recession, but only by a hair). Italy is barely avoiding a recession. Outside of North America, no G7 company expects greater than 1% GDP growth in 2024.

Meanwhile, the US is seeing substantially hotter inflation numbers than expected, leading many to expect rate cuts to be delayed even further (despite the European Central Bank signaling their intention to lower rates soon). As a result, US interest payments are expected to exceed defence spending.

Western economies bleeding is not some prediction of the future: it's an observation of present circumstances. Whether Russia is responsible is up for debate, but it's undoubtable that Western economies are suffering and the only moderately resilient ones have proven to be the US and Canada.