The Collapsing U.S. Economy And The End Of The WorldSubmitted by Bob-45 on Tue, 07/10/2012 - 08:28
July 10, 2012 by Paul Craig Roberts
Washington has been at war since October 2001, when President George W. Bush concocted an excuse to order the U.S. invasion of Afghanistan. This war took a backseat when Bush concocted another excuse to order the invasion of Iraq in 2003, a war that went on without significant success for eight years and has left Iraq in chaos with dozens more killed and wounded every day, a new strongman in place of the illegally executed former strongman, and the likelihood of the ongoing violence becoming civil war.
Upon his election, President Barack Obama foolishly sent more troops to Afghanistan and renewed the intensity of that war, now in its 11th year, to no successful effect.
These two wars have been expensive. According to estimates by Joseph Stiglitz and Linda Bilmes, when all costs are counted, the Iraq invasion cost U.S. taxpayers $3 trillion. Ditto for the Afghanistan war. In other words, the two gratuitous wars doubled the U.S. public debt. This is the reason there is no money for Social Security, Medicare, Medicaid, food stamps, the environment and the social safety net.