Washington, August 08: The extravagant expenses towards wars and military activities are the reason behind the US economic crisis, says a board member of Washington Peace Center.
“One of the main reasons we have economic problems in our society is that we have sunk hundreds of millions of dollars into war on several fronts” in Iraq, Afghanistan Libya, Pakistan and Yemen, Paul Magno told Media.
The US has reportedly spent over USD 1 trillion of taxpayer money on its wars in Iraq and Afghanistan since 2001. Some experts estimate indirect costs such as interest on the additional debt will exceed the direct costs.
Magno went on to say that the American society is “paying a price for mortgaging” the military “adventures,” adding that such actions will backfire and damage the society.
One of the reasons why the war is still ongoing after such a long time is because of the privateers and military contractors who have “a lot of profits at stake and perpetuating permanent warfare in the region,” he said.
Apart from additional spending, defense-related expenditures outside of the Department of Defense are between USD 216 billion and USD 361 billion, bringing the total defense spending to USD 880 billion and USD 1.03 trillion in fiscal year 2010, the Huffington Post reported.
The United States has failed to accomplish much in a decade’s time; it should retreat and save the national wealth and “what is left of our dignity,” he added.
——Agencies