Thursday, 2 April 2009

US economy becoming like Europe's

Check out the following graph of the change in US budget expenditure proportion from 1968 to 2008:



The end of the Vietnam War in 1975 contributed to a significant reduction in military spending and that money has largely been spent in Medicare/Medicaid and Social Security programs. Reagan increased military spending in an effort to finish off the Soviet Union. Bush 41 reduced spending and then Clinton really took a sword to it, which has left the US military less able to deal with the threats the US faces around the world than previously. Even with Bush 43's adventures into the Middle East it's only gone up around 1-2% of budget. It is worth noting that the Obama budget increases military spending by $13B although the percentage of budget spend will decrease.

Now, what do you think the effect of the Obama budget will have on that graph over the next 4-8 years?

Remember that graph from the Congressional Budget Office?



Folks, the US cannot withstand such a seismic impact on its economy and remain...the US.

Prepare for a period of Euro-Japanese stagnation and an increasing number of US corporations relocating to countries with friendlier taxation regimes.

How that helps end the recession is beyond me.

(Nothing Follows)

13 comments:

Doc Merlin said...

Yep.

Thenodrin said...

You are missing one key fact on that graph. The reason that the 2009 line is so much larger than the previous ones is because the expendatures in Iraq and Afganistan prior to 2009 were not shown in the budget.

Bachman made this same mistake in her reaction to the State of the Union Address a few weeks ago.

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