Umm, China and Russia both have economic problems on par or worse than ours, their combined GDPs are a small fraction of ours, and they both have ridiculous demographic issues several times worse than ours to contend with now (for russia) or in the near future (for china). Calm down guys, Red Dawn was just a movie =)
What you've stated is true. But don't assume that the problems these countries have will prevent them from soon becoming very dangerous adversaries again. (Which I think they are planning on becoming.) These two countries have no compunction about solving their internal population problems quickly with brutal methods.
While all that is true, although if the price of oil climbs just a little more, the Russians won't be too badly off, they are still increasing their military spending at a fairly high rate.
The Soviet economy was pretty sick the whole post WW-II period, but they were still a signifgent threat. Until very recently China, which still holds lots of our "paper", was very healthy, especially for a "Red" country. They are still building lots of new classes of ships, if not at a super high rate, and have modernized, but downsized somewhat, their land forces. The Russians are complaining out their copying Soviet/Russian weapons designs which they once merely produced under license.