In his weekly column for Newsweek, Niall Ferguson discusses ‘IOU-solationism’: the connection between the deficit and US military intervention. He maintains his stance from his 2004 book Colossus, where he describes America’s ‘chronic myopia’ to its global responsibilities. He decries Obama’s decision to withdraw from Afghanistan as akin to a ‘declaration of bankruptcy’ as opposed to a declaration of victory.
Niall notes that social spending accounts for 10.3% of GDP, defence takes up 4.3%. It is not the wars in Afghanistan and Iraq which cause the structural deficit, but the ballooning entitlements to the baby boomers. Military spending is axiomatic to spread democracy, says Niall. “Are defence cuts a false economy?” he asks.
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