No. of Recommendations: 5
Elective wars certainly are a problem. Iraq is a great example. The reasons for declaring war may not have been economic, but economics is a good reason for it to involve Congress and POTUS. We never declared in Korea, Vietnam, or Iraq. And the special consideration for Afghanistan was just Congress trying to dodge making a commitment. I know times have changed in 240 years, and they could not have foreseen special ops (e.g. killing Bin Laden). But we shouldn't let slide major operations without a declaration of war. Not willing to declare war? Then you can't go. (e.g. Iraq).
All that said, cutting defense spending will not bring the budget under control. You could eliminate the DoD completely, and it still won't be under control. You have to be willing to make some really unpopular cuts (i.e. SS and Medicare), or you have to raise taxes on the segment of the population that owns most of the wealth. It's really that binary. Albaby insists we would have to go beyond the top 2%, and start hitting the middle class. I don't agree. For one thing, what is to be gained by hitting a shrinking class? And, for another, when the top 2% owns about 90% of the wealth, I'm pretty sure you can get it all from there without having to molest the other 98%.**
**Though I do think cap gains should be taxed as ordinary income, so some portion of the 98% would be affected by that. Including, likely, most of us since we're all TMF refugees. Also, stepped-up basis shouldn't exist, and inheritances above a certain level should be taxed as ordinary income (no shelters or loopholes).
