Tuesday, April 26, 2011

The US Maxes Out Its Credit Card By Eric Margolis

http://www.informationclearinghouse.info/article27950.htm

The US National Priorities Project estimates that in 2011, out of one dollar of US federal spending, 27.4% is military; 21.5% health; 13.8% interest on the debt; 10.9% social security benefits; 3.5% on education; and 23% on everything else.

In 2010, US military spending exceeded by 50% the average spent in the Cold War years when America had a serious rival in the Soviet Union. Since 2000, US military spending has grown by 67% (all figures adjusted for inflation). Yet today America has no real military rival.

The US now accounts for almost 50% of world military spending. Add America’s wealthy allies in Europe and Asia, and the total rises to 80%.

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