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The Collapsing US Economy and the End of the World
• by Paul Craig RobertsUpon his election, President Obama foolishly sent more troops to Afghanistan and renewed the intensity of that war, now in its eleventh year, to no successful effect.
These two wars have been expensive. According to estimates by Joseph Stiglitz and Linda Bilmes, when all costs are counted the Iraq invasion cost US taxpayers $3 trillion dollars. Ditto for the Afghan war. In other words, the two gratuitous wars doubled the US public debt. This is the reason there is no money for Social Security, Medicare, Medicaid, food stamps, the environment, and the social safety net.
Americans got nothing out of the wars, but as the war debt will never be paid off, US citizens and their descendants will have to pay interest on $6,000 billion of war debt in perpetuity.
2 Comments in Response to The Collapsing US Economy and the End of the World
Wistful thinking. It will never happen. It is an exercise in futility. Ignorance of what politicians want to know about the function of the Fed, is worse than mere stupidity. Since when did Ron Paul become a monetary expert? After studying Medicine? You must be kidding me.
(It's time to pass H.R. 459, and AUDIT THE 'FED'!)
http://chooseliberty.org/auditrphf3.aspx?pid=0703
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