Tuesday , November 5 2024
Home / Mike Norman Economics / Reuters — Senate backs massive increase in military spending

Reuters — Senate backs massive increase in military spending

Summary:
"Affordability"? No problem.ReutersSenate backs massive increase in military spendingThe Hill NewsSenate passes 0B defense bill Jordain Carney Also One of the most controversial proposals put forward by Sen. Bernie Sanders during the 2016 presidential campaign was a pledge to make tuition free at public colleges and universities. Critics from both parties howled that the pie-in-the-sky idea would bankrupt the country. Where, after all, would the money come from? Such concerns were brushed aside on Monday night, as the Senate overwhelmingly approved an billion annual increase in military spending, enough to have fully satisfied Sanders’ campaign promise.... To put that in further perspective: if the package becomes law, U.S. military spending would exceed the total spending of

Topics:
Mike Norman considers the following as important:

This could be interesting, too:

Mike Norman writes Bernie Finally Puts a Number on Cutting Military Spending — David Swanson

Mike Norman writes America Escalates its “Democratic” Oil War in the Near East — Michael Hudson

Mike Norman writes Thomas Spoehr — Why the U.S. Military Is In Serious Trouble

Mike Norman writes Jason Ditz — Russia’s Military Spending Declines; US Now a Third of Global Spending


"Affordability"? No problem.

Reuters
Senate backs massive increase in military spending

The Hill News
Senate passes $700B defense bill
Jordain Carney

Also

One of the most controversial proposals put forward by Sen. Bernie Sanders during the 2016 presidential campaign was a pledge to make tuition free at public colleges and universities. Critics from both parties howled that the pie-in-the-sky idea would bankrupt the country. Where, after all, would the money come from?
Such concerns were brushed aside on Monday night, as the Senate overwhelmingly approved an $80 billion annual increase in military spending, enough to have fully satisfied Sanders’ campaign promise....
To put that in further perspective: if the package becomes law, U.S. military spending would exceed the total spending of its next 10 rivals put together, going off of 2016 military spending estimates from the Stockholm International Peace Research Institute (SIPRI).
Put another way, with a $700 billion military budget, the U.S. would be spending more than three times as much as China on its military, and ten times as much as Russia.

According to SIPRI, the U.S. already accounts for more than a third of all military spending:Reuters — Senate backs massive increase in military spendingThe share of world military expenditure of the 15 states with the highest spending in 2016. (Credit, SIPRI)
Or, to think about it another way, with $80 billion a year you could make public colleges and universities in America tuition-free. In fact, Sanders’ proposal was only estimated to cost the federal government $47 billion per year....
The Intercept
The Senate’s Military Spending Increase Alone Is Enough to Make Public College Free
Alex Emmons
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

Leave a Reply

Your email address will not be published. Required fields are marked *