Jul
02
2009

Climate Bill Damned but Military Budget Untouchable

Reacting to media noise over the economic costs of the Waxman-Markey environmental bill currently before the U.S. Congress, Dean Baker (ZNet, 7/1/09) looks to the damages of a different annual spending bill, this one perpetually unexamined in corporate news: Global Insight projected that after 20 years of higher defense spending, annual car sales would be down by more than 700,000. Housing starts would be almost 40,000 lower. Exports would be 1.8 percent lower and imports would be 2.7 percent higher, leading to a trade deficit that was almost $200 billion larger. The model also projected that there would be nearly […]