March 1, 2009

TOO MUCH LIKE W:

The Economic Cost of War (JAMES GLANZ, 2/28/09, NY Times)

The Iraq war has been criticized on many fronts, including whether it has really made the world safer for the United States. But with the economy in crisis, some of the sharpest doubts being expressed about it concern whether the money it siphoned from the Treasury helped set the terms for that crisis.

At the same time, history suggests that anticipation of an end to the war might help lift the mood of consumers and investors whose fears now deepen the economic problem.

Perhaps that is why on Friday, it was more than tempting to dredge up old images of kisses in Times Square in 1945 or Germans tearing down the Berlin Wall — and the long surges of prosperity that soon enough followed those euphoric moments, after the ends of World War II and the cold war.


Unfortunately, the UR lacks the national security gravitas that it would take to confidently tamp defense spending down to a normal sub-2% of GDP, which may limit the Peace Dividend we reap.

Posted by Orrin Judd at March 1, 2009 11:08 AM
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