Former senators Joe Lieberman and Jon Kyl want to spend more money on the military than we already spend today. No mention is made about whence the money will come, but the former senators are itching to spend it. There are only three ways to get the money: (1) raise your taxes; (2) borrow the money, most likely from China; (3) turn on the Fed’s printing presses and create new money out of thin air. That’s it, one-two-three.
The federal government has a big checkbook, but no bank account or savings. Each and every spending spree necessitates one or more of the unpleasant options outlined above. Thanks to George Bush and much more so to Barack Obama, America, now broke, has lost its coveted AAA-credit rating. Since taking office, Barack Obama has rung up annual trillion dollar deficits. How he was re-elected mystifies me.
But back to the senators. Where do they want to spend on the military? We are not told but those who disagree are labeled isolationists. Cato Institute’s vice president for defense and foreign policy studies Chris Preble breaks down the whole Lieberman/Kyl isolationist theme in “What Some Call Isolation Others Call Common Sense.”