3 ms·

But doesn't that mean that it would be cheaper for an adversary to just wait until the excessive military spending makes the US implode, figuratively, in debt?

But doesn't that mean that it would be cheaper for an adversary to just wait until the excessive military spending makes the US implode, figuratively, in debt? This same concern worried former president Eisenhower back in his days[0]. A similar argument is usually touted regarding the economic strain that the 'Space Race' caused the U.S.S.R.[1]. [0] "The Cold War: An International History", p. 42-43 https://books.google.com/books?id=Yv2FAgAAQBAJ&lpg=PA43&pg=PA43#v=onepage https://books.google.com/books?id=Yv2FAgAAQBAJ&lpg=PA43&pg=P... [1] "Comparison of US and Estimated Soviet Expenditures for Space Programs", p. 3-4, https://www.cia.gov/library/readingroom/docs/DOC_0000316255.pdf https://www.cia.gov/library/readingroom/docs/DOC_0000316255....

aphextron 8y ago
The Space Race bankrupted an already failing command economy in the USSR. However it was a massive economic boon for US capitalists, as evidenced by our aerospace and defense industries today. The great thing about defense spending is that it is almost entirely domestic. We're not running up some huge trade deficit with a foreign power. It creates millions of jobs from Florida to California.
- Koshkin 8y ago
  On the other hand, see https://en.m.wikipedia.org/wiki/Parable_of_the_broken_window https://en.m.wikipedia.org/wiki/Parable_of_the_broken_window.
  - garmaine 8y ago
    How does that apply here?
    - lostlogin 8y ago
      I believe the question is “does the spending result in a net benefit to society?” I’d add in a consideration of the opportunity cost.
      - garmaine 8y ago
        That’s not the broken window fallacy though.
woolvalley 8y ago
That only works if you can survive the overspend, because it's being used to actively destroy you at the moment.
- rolandog 8y ago
  Ah, ... I see they've cut back on the education and civility budgets to accommodate for more military spending.

aphextron 8y ago

The Space Race bankrupted an already failing command economy in the USSR. However it was a massive economic boon for US capitalists, as evidenced by our aerospace and defense industries today. The great thing about defense spending is that it is almost entirely domestic. We're not running up some huge trade deficit with a foreign power. It creates millions of jobs from Florida to California.

Koshkin 8y ago
On the other hand, see https://en.m.wikipedia.org/wiki/Parable_of_the_broken_window https://en.m.wikipedia.org/wiki/Parable_of_the_broken_window.
- garmaine 8y ago
  How does that apply here?
  - lostlogin 8y ago
    I believe the question is “does the spending result in a net benefit to society?” I’d add in a consideration of the opportunity cost.
    - garmaine 8y ago
      That’s not the broken window fallacy though.

woolvalley 8y ago

That only works if you can survive the overspend, because it's being used to actively destroy you at the moment.

rolandog 8y ago
Ah, ... I see they've cut back on the education and civility budgets to accommodate for more military spending.