Eric Phillips, writer and graduate student in economic history, discusses his article “Military Spending and Bastiat’s ‘Unseen;’” the opportunity costs (in terms of dollars and innovation) when money is taken from the private sector and spent on national defense; why frightened Americans support enormous military budgets far in excess of what’s needed for defensive purposes; Obama’s defense “cuts” that are just reducing the rate of increase; and the high unemployment rate for young veterans, despite election year jobs programs targeted specifically for them.
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