Spending money on worthwhile endeavors is a good thing, but you have to have the money to spend in the first place. If you don’t and you just kick the can down the road it puts a much heavier burden on future generations. We need to get serious about raising taxes on those who do not pay their fair share.
Except, the money is being spent on a bloated military budget while US keeps cutting social services and other kinds of productive spending.
Using GDP as a measure is completely meaningless because much of US GDP is fictitious. For example, healthcare insurance industry accounts for a large chunk of GDP in US employing tons of people while providing net negative value.
The reality is that US spends more on military than the next 10 countries combined. It’s over 800 billion at this point, and this only accounts for direct military spending, and the real number is much higher.
For context, overall manufacturing output of US is only around $1.9 trillion.
The reality is that US spends more on military than the next 10 countries combined.
Unless we’re going to start paying soldiers $1,000/yr (roughly what China does), that’s going to be the reality.
For context, overall manufacturing output of US is only around $1.9 trillion.
And New York City’s manufacturing output is almost nothing. Manufacturing isn’t GDP.
Unless we’re going to start paying soldiers $1,000/yr (roughly what China does), that’s going to be the reality
You seem to be ignoring the concept of purchasing power here.
And New York City’s manufacturing output is almost nothing. Manufacturing isn’t GDP.
My point was that GDP is not a useful metric, and I even gave you a concrete example of why.
I think you need to learn the concept of purchasing power.
By all means, use PPP.
My point was that GDP is not a useful metric, and I even gave you a concrete example of why.
Use PPP if you prefer.
You’re the one who compared US spending to China’s in absolute dollars.
Are you seriously arguing that the portion of US military spending in terms of PPP adjusted GDP is comparable to China?
One distortion of excessive national debt can be inflation. Good thing that’s not a conce—oh wait.
