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Friday, January 4, 2008

There is no Peace Dividend

Robert Kuttner is living in a dream world if he believes that after the Afghan and Iraq wars are over there will be a peace dividend (All our children, American Prospect, December, 2007: A2-A3).

This war is not being paid for. There has been no attempt to pay for it out of current revenue, nor has there been any attempt to fund the war through domestic borrowings through "War Bonds" or some instrument akin the the UK Wold War II "Post War Credit."

After the war is over, the bills will come due as our foreign creditors demand repayment. The current administration's failure in maintaining some degree of fiscal responsibility will do us profound damage in the long run.

Sent to American Prospect

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