Stories
US Is on the Verge of Bankruptcy Due to Military Spending
Next Post

Press {{ keys }} + D to make this page bookmarked.

Close

US Is on the Verge of Bankruptcy Due to Military Spending

424
vox-cdn.com/PrtSc

WASHINGTON - March 18, 2019

The United States military-industrial complex, together with a corrupt government and incompetent officials, is plunging the country deeper into a debt pit.

CounterPunch claims that ever-increasing military spending is turning the country bankrupt, and that government and officials are constantly deceiving the people, demanding more funding for military needs.

As an example, the organization Open the Government ran a study that found that US military officials spend huge sums on non-military purchases. In particular, there is a chair worth $9,241, porcelain cutlery for $53,000, alcoholic beverages worth $308,000, and even crayfish necks and crabs worth $4.6 million.

In addition, the American government spends much more than it receives from tax revenues, which is why it is forced to take huge loans from other countries. This money goes only to finance state institutions and endless wars around the world, while education, health care, and infrastructure are in decline, the newspaper notes.

“Eventually, inevitably, military empires fall and fail by spreading themselves too thin and spending themselves to death. It happened in Rome. It’s happening again. The America Empire is already breaking down. We’re already witnessing a breakdown of society on virtually every front, and the government is ready,” CounterPunch said.

The US is getting more and more bogged down in debt every day, and all decisions related to financing are decided by the military-industrial complex. CounterPunch added that since 2001, the US has spent $4.7 trillion on wars abroad, the country's debt is growing by more than $32 million per hour, and the government has spent more money every five seconds in Iraq than the average American earns in a year.

At the same time, Washington has not made the world safer. According to researchers, the US military drops a bomb every 12 minutes in some part of the world, and since 2001, the United States has been responsible for the death of more than 500,000 people.

"Essentially bankrolling the wars with debt, in the form of purchases of U.S. Treasury bonds by U.S.-based entities like pension funds and state and local governments, and by countries like China and Japan," investigative journalist Uri Friedman said.

In addition, and no less important, the U.S. government is not making American citizens any safer. The repercussions of America's military empire have been deadly, not only for those innocent men, women and children killed by drone strikes abroad, but also those here in the United States.

War is not cheap, CounterPunch added, but it becomes outrageously costly when you factor in government incompetence, fraud, and greedy contractors.

As The Nation reports:

“For decades, the DOD’s leaders and accountants have been perpetrating a gigantic, unconstitutional accounting fraud, deliberately cooking the books to mislead the Congress and drive the DOD’s budgets ever higher, regardless of military necessity. DOD has literally been making up numbers in its annual financial reports to Congress—representing trillions of dollars’ worth of seemingly nonexistent transactions—knowing that Congress would rely on those misleading reports when deciding how much money to give the DOD the following year.”

For example, one of the leading accounting firms concluded that one of the largest Pentagon agencies “cannot expect to spend hundreds of millions of dollars.”

A government audit found that defense contractor Boeing has been massively overcharging taxpayers for mundane parts, resulting in tens of millions of dollars in overspending. As the report noted, the American taxpayer paid:

"$71 for a metal pin that should cost just 4 cents; $644.75 for a small gear smaller than a dime that sells for $12.51: more than a 5,100 percent increase in price. $1,678.61 for another tiny part, also smaller than a dime that could have been bought within DOD for $7.71: a 21,000 percent increase. $71.01 for a straight, thin metal pin that DOD had on hand, unused by the tens of thousands, for 4 cents: an increase of over 177,000 percent."

CounterPunch concluded that the United States is moving towards total bankruptcy, and the country has already seen evidence of the collapse of society in almost all areas, but the American government is reportedly preparing for this and is ready to suppress any manifestations of discontent.

"We’re approaching critical mass. As long as ‘we the people’ continue to allow the government to wage its costly, meaningless, endless wars abroad, the American homeland will continue to suffer: our roads will crumble, our bridges will fail, our schools will fall into disrepair, our drinking water will become undrinkable, our communities will destabilize, our economy will tank, crime will rise, and our freedoms will suffer," the report said.

Author: USA Really