Here’s my analysis of where we are relative to the threat posed by the USSR:
1. Nuclear weapons: Both today’s Russia and the USSR had the ability to annihilate the United States. Putin talks more openly about using nuclear weapons, but the likelihood of a nuclear exchange has not changed much.
2. Conventional forces: The decaying Russian military of the 1990’s is a distant memory. Nevertheless, the loss of Ukraine and the Warsaw Pact countries completely changes the calculus in favor of the West. The real threat here is that NATO lacks the will to defend itself.
3. Economic power: The USSR didn’t build anything that anyone wanted other than tanks. Russia is a slow-growing, resource-based feudal state with a GDP about the size of Australia’s. Neither was much of a threat from an economic perspective.
4. Ideology: Decayed left-wing idealism versus cynical right-wing authoritarianism–take your pick! Communism had more of a universal appeal.
5. Unconventional warfare: The Soviets did it, too, but they weren’t as good at it, and they didn’t have such a receptive audience.
In short, Putin’s Russia is less of a threat than the USSR, except for its gift for cyberwarfare and political assassination.