Time for the U.S. to Request Foreign Aid

Oct 10, 2023 | Finconomics 101, No Bull Economics

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The end of both the 1990’s peace dividend & the more recent era of low interest rates has badly aggravated the Federal Government’s weak fiscal condition. With the war hawks pinning for even larger budgets, what will become of our out-of-control deficit?

Commentary

  • Using an index that starts at 100 in 1990, national defense consumption expenditures & gross investment currently stand at 243 while the Federal Government’s current expenditures on interest payments have reached 310. All that spending resulted in a $1.4 trillion deficit in 2022.
Federal Government Defense Spending, Expenditures, Surplus or Defecit Graph
  • This financial reality should prompt the government’s management team to save our Republic by cutting costs. Rather, after spending $113B so far on a losing war in the Ukraine, the war hawks are talking about the U.S. funding a full-blown war in the Middle East that could make the $113B look like chump change.
Ukraine Response Appropriations Graph
  • In any case, we like the story of Chicago’s Cook County Commissioner Richard Boykin who recently petitioned the United Nations to send in peacekeepers. Boykin has got the right idea asking for foreign aid! However, instead of asking the UN to send in a standing army to enforce its will on our Republic, he should have simply asked for a financial bailout payable in gold. We would be most appreciative of any UN handouts, even if it was originally funded by the U.S. Federal Government…   

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