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"By the end of 2011, deficit spending on OEF/OIF (Afghanistan/Iraq) will have raised the ratio of debt to GDP by about 10 percentage points, or between a quarte
by kreek 15y ago
"By the end of 2011, deficit spending on OEF/OIF (Afghanistan/Iraq) will have raised the ratio of debt to GDP by about 10 percentage points, or between a quarter and a third of the total increase. By 2020, the increase will be 20 percentage points if war spending and the rest of the budget continue as forecast"
http://costsofwar.org/article/macroeconomic-impact-military-spending http://costsofwar.org/article/macroeconomic-impact-military-...
- oelewapperke 15y agoWhich is still barely 20% of the social programs spending. We'd have to start another 8 wars of a similar size to reach that cost. Also : dropping defense to 0 is not enough by far. Dropping 1 of the 2 major social programs (and ObamaCare), however, does solve the problem. (the problem here is not that current spending for social security is so much more than defense spending, it's that projected deficits and hidden liabilities are too large, and thus these programs will double their spending in about 10 years. Anyone can make the simple observation : we can't pay for that) And there's no choice : whether or not you castrate defense spending, ObamaCare has to die, and either social security or medicare/medicaid has to go. Choosing is going to be ugly.