1-888-506-6439
In the aftermath of the October
7, 2023 attack on Israel by the
Hamas terror organization, the
Biden administration detailed
an over $14 billion aid package
for Israel that includes monies
to boost their air and missile
defense system, strengthen
their military, and enhance
security at the U.S. Embassy.
Billions
more
was
also
appropriated for humanitarian
aid
for
Israel,
Gaza,
and
Palestinian refugees.18
The cost of these wars to the U.S. economy will likely eclipse hundreds of billion of dollars. Treasury
Secretary Janet Yellen declared in October of 2023, that America can afford to fund both wars. But
the truth is, the government is currently operating under a Continuing Resolution, which limits defense
spending to the prior year’s level. This has forced the Pentagon to reallocate funds away from our own
military spending and according to Politico, “we’re taking it out of our hide!”
“The military, like the rest of the federal government, is operating under a temporary funding
measure that freezes spending at the previous year’s levels. And because the Middle East troop
movements weren’t planned, the Pentagon has had to pull money from existing operations and
maintenance accounts, DOD spokesperson Chris Sherwood said. President Joe Biden signed
the stopgap measure this month [November 2023] to keep the government open until lawmakers
can agree on a full-year spending bill. Because DOD had to hunt for funds, that means less
money for training, exercises, and deployments the military had already planned for the year.”19
The reality is, these wars will be funded with debt. The U.S. government will simply print more money
which will fuel more inflation. To quote Connor O’Keeffe from the Mises Institute, “The savings-starved,
debt-ridden, inflation-strained American public needs to heal. Forcing us to fund a deadly stalemate
in Ukraine has been a disaster. And taking even more to bankroll the coming devastation in Gaza only
makes things worse.”20
18 https://www.cnn.com/2023/10/20/politics/us-israel-ukraine-aid-package/index.html
19 https://www.politico.com/news/2023/11/28/pentagon-scrambles-to-pay-for-middle-east-troop-buildup-00128882
20 https://www.eurasiareview.com/19102023-no-we-cannot-afford-to-fund-yet-another-war-oped/