Search

Begin New Search Topic Military Spending Author Heidi Peltier

1. The Cost of Debt-financed War: Public Debt and Rising Interest for Post-9/11 War Spending

Author:
Heidi Peltier
Publication Date:
01-2020
Content Type:
Special Report
Institution:
Watson Institute for International and Public Affairs at Brown University
Abstract:
Throughout the 18 years the U.S. has been engaged in the “Global War on Terror,” mainly in Iraq and Afghanistan, the government has financed this war by borrowing funds rather than through alternative means such as raising taxes or issuing war bonds. Thus, the costs of the post-9/11 wars include not only the expenses incurred for operations, equipment, and personnel, but also the interest costs on this debt. Since 2001 these interest payments have been growing, resulting in more and more taxpayer dollars being wasted on interest payments rather than being channeled to more productive uses. This paper calculates that the debt incurred for $2 trillion in direct war-related spending by the Department of Defense and State Department has already resulted in cumulative interest payments of $925 billion. Even if military interventions ceased immediately, interest payments would continue to rise, and will grow further as the U.S. continues its current military operations.
Topic:
Debt, War, Military Spending, and 9/11
Political Geography:
Pakistan, Iraq, Middle East, Yemen, Syria, North America, and United States of America

2. Cut Military Spending, Fund Green Manufacturing

Author:
Heidi Peltier
Publication Date:
11-2019
Content Type:
Special Report
Institution:
Watson Institute for International and Public Affairs at Brown University
Abstract:
Letting climate change continue unabated will have significant economic costs. Economists from the IMF and elsewhere have estimated costs on the order of 10% of US GDP by 2100 in the absence of climate change policies, and even with policies that limit warming to 2.6°C, climate damages are expected to cost 1-2% of GDP by 2100.i If unchecked, climate change will wreak havoc on natural and human systems, including on the economy. One year ago, a report by the Intergovernmental Panel on Climate Change (IPCC) stressed the need and urgency to limit global warming to no more than 1.5°C above pre-industrial levels.ii The U.S. National Academies of Sciences, of Medicine, and of Engineering have affirmed and corroborated those findings.iii On the other hand, taking steps to mitigate and adapt to climate change, such as by shifting to a clean energy economy, may have short-term costs, but will also have some short-term benefits and many longer-term benefits. How can we pay for a transition to clean energy?
Topic:
Climate Change, Budget, Economy, and Military Spending
Political Geography:
North America and United States of America