U.S. Defense Merits Spending

Big surprise. Reason magazine, the libertarian Bible, favors cutting defense spending. But it would be hard to come up with a more unpersuasive argument if they tried. Contributor Veronica de Rugy of George Mason University, a bastion of free-market economics, writes:

Liberals often view the Pentagon as an item that should be cut but can’t for political reasons. … Yet such cuts have been achieved in the past. … During the last 70 years, the defense budget was cut 26 times by an average rate of 10 percent. … The biggest cuts followed World War II, with a 72 percent reduction in 1947. The last cut was in 1998. … Most of the cuts have taken place after the end of a war. But cuts were also achieved in the late 1960s and early ’70s, despite the ongoing conflict in Vietnam. Politicians explicitly debated how to cut spending without cutting security, and they still managed to get re-elected.

So let me see if I have this straight: de Rugy thinks that defense cuts in the late 1940s, early 1970s, and early 1990s are a good model to follow? In all three instances, major wars were winding down (World War II, Vietnam, and the Cold War, respectively), and the political class was eager to spend a “peace dividend.” Ms. de Rugy is an economist, not a historian, but she would be well advised to study the historical record for what happened next.

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U.S. Defense Merits Spending

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