(March 28, 2019 at 11:26 pm)bennyboy Wrote: Of course there's a reason for war. It's a struggle for valuable resources which will benefit a nation and its citizens. Let's not pretend that WWII and the following economic boom wasn't one of the best boosts for the US that any country has seen in history.
Unfortunately, the post WWII economic boom has confused a lot of people about the economics of war. The US was a young nation that had not yet grown to its fullest industrial strength. But what do you do after you don't need that kind of industrial output anymore? Returning to a peacetime economy is generally sort of a bitch. We never did return to a peacetime economy after WWII, and our deficit spending is pretty much all of a military nature. We now use an economic model that is dependent on a continuously growing economy, which is sort of a way of emulating a war time economy. Traditionally, peacetime economies grew very slowly. As long as the economy grows, we don't have to fleece the workers to pay the national debt. If the economy stops growing, then growth is no longer the primary investment vehicle, and the national debt becomes the primary means by which the ultra wealthy earn income-- and workers work primarily to service the debt.
Traditionally, nations have had trouble with transitioning back to peacetime. For example, the nation of France has in the past effectively defaulted on its national war debts through hyper inflation. Other nations have used austerity programs to pay down war debts. Eventually, we will have a reckoning with our war debt. I don't know if it will be austerity or hyper inflation. And I am not completely convinced that those are the only options, since our understanding of money is obviously deeply flawed because money frequently doesn't represent value very well.
If we end up dealing with our war debts through austerity or hyper inflation, then the generation that has to live through that was basically robbed by earlier generations. There is an old saying that we do not inherit the world from our parents; we borrow it from our children.
We do not inherit the world from our parents. We borrow it from our children.