Today's Economic Fact
Courtesy of the Heritage Foundation:
You decide.
A core principle of the political left in this country is that our current levels of defense spending have harmed, and will continue to harm, our economic prosperity. So last month while he was defending the $700 billion Wall Street bailout program, Rep. Barney Frank (D-MA) said: “The biggest ongoing threat to fiscal sanity in this country, I believe, is an open-ended, ever expanding military budget that goes far beyond what is necessary.” Frank’s assertions about the scope of defense spending in the United States are just flat out wrong.There you have it. Use anti-war propaganda to cut back on defense spending while simultaneously bloating the federal deficit with entitlement spending. What do you think the liberal left is concerned about -- the overall safety of our country, or the safety of their own political careers?
At the height of World War II we spent 46% of our GDP on the military. By 1945 that number had dropped to 34.5%. Throughout the Cold War, defense spending averaged 8% of GDP and since 1962 the average spending level has fallen even further to 5.5% of our GDP. Today we spend less than 4% on defense. Our economy has boomed multiple times in the past despite our government devoting much higher levels of our GDP to national security. Currently, there is runaway spending in Washington, but it is coming from President Barack Obama and the left. Congress spent more in just one bill–this year’s “stimulus” bill–than it spent on Afghanistan and Iraq combined since 2001.
You decide.
Labels: politics
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