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splitrocket | 10 months ago
https://en.wikipedia.org/wiki/Smedley_Butler
"Every gun that is made, every warship launched, every rocket fired signifies in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed. This world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of its scientists, the hopes of its children. This is not a way of life at all in any true sense. Under the clouds of war, it is humanity hanging on a cross of iron." - President Eisenhower
Military Spending and Tax Cuts for the wealthy have some of the lowest economic multipliers of all government activities: https://en.wikipedia.org/wiki/Multiplier_(economics)
* Education spending: 2.4 (Federal Reserve research) Source: Federal Reserve
* Medicaid/healthcare: 2.0 Source: Congressional Budget Office Cbpp
* Food stamps (SNAP): 1.73-1.74 Sources: Mark Zandi/Moody's Analytics, Americanprogress, Manhattan Institute
* Unemployment insurance: 1.61-2.1 Sources: Blinder & Zandi; Urban Institute, Americanprogress
* Infrastructure spending: 1.0-2.5 Sources: CBO, Blinder & Zandi, Feyrer & Sacerdote, Americanprogress
* Military spending: 1.5 (average) Source: Federal Reserve
* Middle-class tax cuts: 0.6-1.5 Sources: CBO, Blinder & Zandi, Feyrer & Sacerdote, Americanprogress
* Upper-income tax cuts: 0.2-0.6 Sources: CBO, Blinder & Zandi, Americanprogress
* Permanent extension of all Bush-era tax cuts: 0.35 Source: Moody's Analytics model, Cbpp
Dollar-for-dollar, social program spending consistently produces higher economic returns than military spending or tax cuts, especially tax cuts for the wealthy.
$1 billion spent on education or transit creates more than twice as many jobs (17,687-19,795) as the same amount spent on defense (8,555). -Cigionline
In fact, military spending can actually slow economic growth over time; a 1% military spending increase can reduce economic growth by 9% over 20 years.
Zandi's analysis of 2010 tax legislation found that 90% of economic growth and job creation came from unemployment insurance extensions and targeted tax credits, while high-end tax cuts had "only very small economic impacts." - Cbpp
Jack Ma was completely correct: US wasted trillions on warfare instead of investing in infrastructure. https://www.cnbc.com/2017/01/18/chinese-billionaire-jack-ma-...
IncreasePosts|10 months ago
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