Send a Tweet
Most Popular Choices
Share on Facebook 6 Share on Twitter 1 Printer Friendly Page More Sharing
OpEdNews Op Eds    H3'ed 2/7/10

Wars sending U.S. into ruin: Obama the peace president is fighting battles his country cannot afford

By       (Page 1 of 1 pages) (# of views)   2 comments
Author 2627
Message Eric Margolis
Become a Fan
  (2 fans)
(source)

U.S. President Barack Obama calls the $3.8-trillion US budget he just sent to Congress a major step in restoring America's economic health.

In fact, it's another potent fix given to a sick patient deeply addicted to the dangerous drug -- debt.

More empires have fallen because of reckless finances than invasion. The latest example was the Soviet Union, which spent itself into ruin by buying tanks.

Washington's deficit (the difference between spending and income from taxes) will reach a vertiginous $1.6 trillion US this year. The huge sum will be borrowed, mostly from China and Japan, to which the U.S. already owes $1.5 trillion. Debt service will cost $250 billion.

To spend $1 trillion, one would have had to start spending $1 million daily soon after Rome was founded and continue for 2,738 years until today.

Obama's total military budget is nearly $1 trillion. This includes Pentagon spending of $880 billion. Add secret black programs (about $70 billion); military aid to foreign nations like Egypt, Israel and Pakistan; 225,000 military "contractors" (mercenaries and workers); and veterans' costs. Add $75 billion (nearly four times Canada's total defence budget) for 16 intelligence agencies with 200,000 employees.

The Afghanistan and Iraq wars ($1 trillion so far), will cost $200-250 billion more this year, including hidden and indirect expenses. Obama's Afghan "surge" of 30,000 new troops will cost an additional $33 billion -- more than Germany's total defence budget.

No wonder U.S. defence stocks rose after Peace Laureate Obama's "austerity" budget.

Military and intelligence spending relentlessly increase as unemployment heads over 10% and the economy bleeds red ink. America has become the Sick Man of the Western Hemisphere, an economic cripple like the defunct Ottoman Empire.

The Pentagon now accounts for half of total world military spending. Add America's rich NATO allies and Japan, and the figure reaches 75%.

China and Russia combined spend only a paltry 10% of what the U.S. spends on defence.

There are 750 U.S. military bases in 50 nations and 255,000 service members stationed abroad, 116,000 in Europe, nearly 100,000 in Japan and South Korea.

Military spending gobbles up 19% of federal spending and at least 44% of tax revenues. During the Bush administration, the Iraq and Afghanistan wars -- funded by borrowing -- cost each American family more than $25,000.

Like Bush, Obama is paying for America's wars through supplemental authorizations.

 

Rate It | View Ratings

Eric Margolis Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Contributing Foreign Editor/Syndicated Foreign Affairs Columinist -
Sun Media Group
Dawn
(Pakistan's leading English language Newspaper)
Gulf Times (Qatar)
Khaleej Times (Dubai)

Frequent Commentator on foreign (more...)
 

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The Russian Navy Is Back

Pentagon And CIA At War In Syria

To Hell With U.S. Jobs, Let's Get Iran!

Tensions Mount As The New Saudi Prince Takes Charge

Iraq: How We Were Lied into War

Hillary Haunted by Libya

To View Comments or Join the Conversation: