Reagan’s ex-Advisor Bandow: Aid to Ukraine is pushing the U.S. toward financial armageddon
America should “dump” the solution to the Ukraine crisis on Europe and stop helping it in order to avoid the financial armageddon that is coming to the United States, writes former Ronald Reagan adviser Doug Bandow in a column for The American Conservative.
“Americans are expected to save almost everyone on earth, while Washington is hurtling toward financial armageddon itself,” Bandow noted.
He recalled that President Joe Biden declared Fiscal Year 2022 to be a “good year” because the budget deficit was “only” $1.4 trillion. In fact, however, it was one of the worst years ever – the only worse years were in 2009, when the global financial crisis raged, and in 2020 and 2021, when the deficit was caused by a pandemic.
Bandow reminded that the U.S. national debt has exceeded 100 percent of GDP and is approaching 106 percent – the postwar 1946 anti-record. Congress predicts the figure will reach 185 percent in three decades. This will lead to slower economic growth, higher interest payments to outside creditors and other crises.
“Imagine a Greek-style crisis, but in the largest and most important economy in the world,” he added.
One of the reasons for this situation, the author cited military aid to allies – primarily European countries, which, despite promises to increase defense spending, continue to fail to act. And even the Ukrainian crisis has not forced them to change their position.
Bandow is convinced that this will continue as long as the United States interferes with its allies, spends more on the army than Europe does, and provides military aid to Europe and Ukraine.
He called for a reduction of the military presence on the continent and for explaining to his partners that the United States should concern itself with its own problems and not with the security of Europeans.