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From: Democracy at Work <info@xxxxxxxxxxxxxxxxxxxx>
Date: Sun, 25 Apr 2021 15:21:27 +0000 (UTC)
Subject: 10 Years Ago: Defense Spending Analysis from Richard Wolff
To: Carl Jarvis <carjar82@xxxxxxxxx>
<https://democracyatwork.info/donate>
Carl --
“In most history books, when one side invades another and then leaves
without conditions, we refer to that as having lost the war, not
winning,” says Professor Wolff.
The U.S. is facing such a loss now. The Biden Administration has
announced the final withdrawal of American troops from Afghanistan,
ending the 20-year war without the defeat of the Taliban, and without
any conditions.
So who are the winners here?
Professor Wolff tackles this question in a short video, the first of a
monthly Economic Update 10th Anniversary series that aims to look back
at relevant moments from a decade ago to explore how, since then,
capitalism - and its impact on our society and the world - has
changed.
To kick off the series, Prof Wolff takes a look at defense spending,
<https://www.youtube.com/watch?v=REdVpEE6aYQ> which 10 years ago was
at its height, accounting for 4.5% of the total 2011 U.S. GDP. In the
ensuing decade, who were the winners? Prof Wolff explains the answer.
<https://www.youtube.com/watch?v=REdVpEE6aYQ>
“Today, all corporate taxes to the federal government amount to 1% of
our GDP, one of the lowest rates in the last half century. But the
proportion of the government's budget (in terms of its cost to the
GDP) that goes to the military is 3.5%. In other words corporations,
all of them, pay a small fraction of the amount of money given back in
contracts to the military industrial complex. They are the winners.”
Outsized defense spending has pushed aside other social services such
as health, education, infrastructure, and so much more. Prof Wolff
asserts that a different allocation of funding could have resulted in
a drastically different and more effective response to the 2020
Covid-19 pandemic and economic crash.
Will this destructive prioritization continue? How can we learn from
this history?
10 years ago, Economic Update with Richard Wolff was the first program
produced by Democracy at Work, and it has brought you analysis of
questions like these every week for a decade.
Producing Economic Update has always depended on audience donations.
To help us grow for another 10 years, please consider donating to
Democracy at Work with a monthly gift.
<https://www.democracyatwork.info/donate>Our monthly supporters are
invaluable to us, in that they allow us to plan for the future, and
commit to bringing you more Economic Update. Thank you
<https://www.democracyatwork.info/donate>.
In solidarity,
The d@w Team
Democracy at Work
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