Op-Ed: National Security: U.S. must put economics first
Bernard Finel and I published an op-ed today in Newsday examining the National Security consequences of the current economic crisis–and of national debt, in particular. Take a look and let us know what you think.
National security: U.S. must put economics first
BY JAMES M. LUDES AND BERNARD I. FINEL
October 10, 2008–The financial crisis and how we respond to it will have a lasting impact on America’s national security.While congressional action on the bailout may inject needed cash into America’s credit markets, the $700 billion needed to finance the plan – in addition to hundreds of billions to make good on the debt owed by Bear Stearns, Freddie Mac, Fannie Mae and AIG – require the United States to assume massive new debts.All told, this crisis may cost the United States more than $1.5 trillion – a staggering, if necessary, sum. And with the federal budget already in deficit, every single penny of this will be financed by adding to the national debt.Yet too little attention has been paid to who is financing that debt and what it means for the national security of our country. . . .
Click here to read the entire op-ed.
