Paul Craig Roberts: The Collapsing US Economy and the End of the WorldSubmitted by go213mph on Sun, 07/08/2012 - 13:25
In a recent column, “Can The World Survive Washington’s Hubris,” I promised to examine whether the US economy will collapse before Washington in its pursuit of world hegemony brings us into military confrontation with Russia and China. This is likely to be an ongoing subject on this site, so this column will not be the final word.
Washington has been at war since October, 2001, when President George W. Bush concocted an excuse to order the US invasion of Afghanistan....
These two wars have been expensive. According to estimates by Joseph Stiglitz and Linda Bilmes, when all costs are counted the Iraq invasion cost US taxpayers $3 trillion dollars. Ditto for the Afghan war. In other words, the two gratuitous wars doubled the US public debt. This is the reason there is no money for Social Security, Medicare, Medicaid, food stamps, the environment, and the social safety net.
Americans got nothing out of the wars, but as the war debt will never be paid off, US citizens and their descendants will have to pay interest on $6,000 billion of war debt in perpetuity.