(Bloomberg) -- Joe Biden came to office declaring America is back. Now, facing hot wars in the Middle East and Ukraine and a simmering cold one with China, the US is beginning to look overextended.Most Read from BloombergIsrael Latest: Iranian Minister Warns US Over Support of IsraelHouse Speaker Mike Johnson’s First Big Bill Cuts Biden’s Climate Change FundingEverything Apple Plans to Launch at Oct. 30 ‘Scary Fast’ Mac EventS&P 500 Extends Slide From Its July Peak to 10%: Markets WrapThe US def