When I asked him years ago what he thought about military spending as stimulus, Alan Greenspan, to his credit, noted that from an economic standpoint military spending was like insurance: if necessary to meet its primary need, it had to be done, but it was not good for the economy; and to the extent that it could be reduced, the economy would benefit. Full Story »
Posted by Dwight Rousu
This seems to be Barney Frank himself, that's the way he talks, but to see his thoughts in writing is even more impressive. Only someone of his stature on the national stage could bring this subject up in public without losing his seat. The military is a scary institution, and has been joined by industry, corporations, financial institutions, and government itself in greedy competition for money and power. Unless there is a great reckoning led by the Obama Administration and this Congress and supported by a majority of the people, we will see an ever-poorer nation and world in the future. Those who have already gotten theirs won't be much affected, but those living on the edge or just with the minimum comforts will feel it very painfully.
Defense spending is insurance, and health spending is not, or should not be. To those who think that military spending or wars are economical I ask, then why have so many nations gone bankrupt fighting them? Wars cost money, and the military serves no purpose if there is no war. It's a luxury that we can still afford, but at this rate of spending, we will likely lose our house.