Replies

Ukraine ping

Robert357: [I am old enough to remember LBJ’s “guns and butter” Great Society concept on spending. Prior to that wars were financed with war bond drives. The USA is now financing proxy wars around the world without selling any “war bonds.” We are also expanding entitlements left and right, regardless of affordability.]

War bonds were needed for WW1 and WW2 because those were enormous efforts. 50% of the economy (not the Federal budget - the entire economy) per year for WW1 and 40% of the economy per year for WW2. Vietnam was desultory, costing about 2.5% of the economy per year. Ukraine is tiny compared to Vietnam, at 0.25% of the economy per year. For reference, the current military budget is 3% of the economy.