CONK!
It was only matter of time before the Wall Street Journal or other establishment newspapers published an article about the economic benefits of war and thus military spending. In today’s WSJ, Tom Fairless’s page A2 article, “How Ukraine War Boosts U.S. Economy,” is music to both the Biden administration officials’ ears and America’s military contractors.
The article quotes Lael Brainard, director of the White House National Economic Council, “That’s one of the things that is misunderstood… how important that funding (military spending) is for employment and production around the country.”
Brainard’s statement is another example of the endless number of shills in DC who assert war spending is “good for the economy.” They obviously ignore the opportunity costs of war and preparation for war. As President Eisenhower observed, “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.”
Even the former general understood the opportunity costs of military spending. However, we don’t need a welfare state to feed the hungry and put clothes on the backs of the those who lack warm clothing. That is the responsibility of the nonprofit sector—real philanthropy.
Eisenhower’s warning about the military-industrial complex in his Farewell Address is more relevant today as when we gave his address to the nation on January 17, 1961.
In a similar vein, Paul Valery sums up war and the military-industrial complex: “War: a massacre of people who don’t know each other for the profit of people who know each other but don’t massacre each other.”
Stopping massacres is the most vital goal of we the people. As Thomas Jefferson stated: “Peace and friendship with all mankind is our wisest policy, and I wish we may be permitted to pursue it.”
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Every Wednesday at 11:05am talk show host Gary Nolan and I discuss the economy and politics. The Fort Myers Mises Circle presentations are available online.
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Murray Sabrin, PhD, is emeritus professor of finance, Ramapo College of New Jersey. Dr. Sabrin is considered a “public intellectual” for writing about the economy in scholarly and popular publications. His new book, The Finance of Health Care: Wellness and Innovative Approaches to Employee Medical Insurance (Business Expert Press, Oct. 24, 2022), and his other BEP publication, Navigating the Boom/Bust Cycle: An Entrepreneur’s Survival Guide (October 2021), provides decision makers with tools needed to help manage their businesses during the inexecrable business cycle. Sabrin’s autobiography, From Immigrant to Public Intellectual: An American Story, was published in November, 2022.
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