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News Link • Economy - Economics USA

The Collapsing US Economy and the End of the World

• by Paul Craig Roberts
 Washington has been at war since October, 2001, when President George W. Bush concocted an excuse to order the US invasion of Afghanistan. This war took a back seat when Bush concocted another excuse to order the invasion of Iraq in 2003, a war that went on without significant success for 8 years and has left Iraq in chaos with dozens more killed and wounded every day, a new strong man in place of the illegally executed former strongman, and the likelihood of the ongoing violence becoming civil war.

Upon 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

Comment by Steve Duncan
Entered on:

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.

Comment by Anon Patriot
Entered on:

It's July 9th, 2012 - Do YOU KNOW what time it is?
(It's time to pass H.R. 459, and AUDIT THE 'FED'!)

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