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Saturday, September 10, 2011

The war on terror has not bankrupted America!

Posted by Scott Tibbs at 8:32 PM

Charles Krauthammer says that complaints about the 9/11 "overreaction" are nonsense.

Perhaps, says the new conventional wisdom, but these exertions have bankrupted the country and led to our current mood of despair and decline.

Rubbish. The total cost of “the two wars” is $1.3 trillion. That’s less than 1/11th of the national debt, less than one year of Obama deficit spending. During the golden Eisenhower 1950s of robust economic growth averaging 5 percent annually, defense spending was 11 percent of GDP and 60 percent of the federal budget. Today, defense spending is 5 percent of GDP and 20 percent of the budget. So much for imperial overstretch.

Yes, we are approaching bankruptcy. But this has as much to do with the war on terror as do sunspots. Looming insolvency comes not from our shrinking defense budget but from the explosion of entitlements. They devour nearly half the federal budget.

Source: Washington Post

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