Warfare State Sending US Off ‘Fiscal Cliff’
This year’s budget deficit will exceed $1 trillion for the fourth straight year
by John Glaser
July 12, 2012
The US budget deficit grew by nearly $60 billion in June, and is on track to exceed $1 trillion for the fourth straight year. By the end of this fiscal year, which ends on Sept. 30, the full budget deficit will total $1.17 trillion, according to the Congressional Budget Office.
Congress and the Obama administration spend too much in every dimension, but paying for the warfare state makes up an enormous chunk of these massive deficits.
The financial cost of the wars in Iraq and Afghanistan alone account for more than $4 trillion. The Pentagon estimated in February of last year that the war in Afghanistan costs $300 billion every day. That’s more than the average American earns in his lifetime, for a war that was fought for political repute and which is collectively recognized as an utter failure.