U.S. Deep in Debt to China Over Borrowing to Pay For War.
Posted in Main Blog (All Posts) on January 17th, 2007 5:13 pm by HL
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How US is deferring war costs
Christian Science Monitor
Excerpt
During Vietnam, the US raised taxes but still watched deficits soar.
But to pay for the ongoing wars in Iraq and Afghanistan, the US has used its credit card, counting on the Chinese and other foreign buyers of its debt to pay the bills.
Now, as President Bush is promising to boost the number of troops in Iraq, there is increased scrutiny over how the US is going to pay for it all.
The US is spending about $10 billion a month on Iraq and Afghanistan. By the end of this year, the total funds appropriated will be nearly $600 billion – approaching the amount spent on the Vietnam or Korean wars, when adjusted for inflation.
Because the US is borrowing to finance the war, the cost will be borne by future generations. “And it’s still going to be one of the most expensive wars we have ever fought,” he says.
Unlike in previous major wars, the United States has cut taxes at the same time it has increased military spending. “It’s fair to say all of the money spent on the war has been borrowed,” says Richard Kogan, a senior fellow at the Center on Budget and Policy Priorities, a think tank in Washington. “But eventually everything has to be paid for.”
H.L.s Take:
And by the time the bill comes due, Bush, Cheney and their friends and cronies will be living it up with limos, mansions, and yachts, while we pay off the financial debt, and the soldiers pay off the emotonial debt they will suffer from being on the front lines of Bush’s wars.
January 22nd, 2007 at 9:31 pm
When the bill comes due, we will right off the debt and f**k china! What are they going to do??? ha ha ha ha ha ha ha ha ha
January 23rd, 2007 at 8:09 pm
Republican’ts = deadbeats who can’t be trusted with your money. Thanks for confirming that bedwetting chickenhawk conservatives have no honor!
January 25th, 2007 at 7:49 am
Buck, you would have to pay the oil and all other imports in Euros after you’ve burned the cash. Right off, Buck, really!
January 26th, 2007 at 7:21 pm
You must be talking about your own sheets! Who gives a shit about the chinese! There is no honor in paying them back! The Taiwan situation will present and opportunity!
July 28th, 2008 at 12:18 pm
The US will devalue the Dollar and chinks will lose. Oh, but it’s just exactly this what’s been happening for the last few months..