The Big Picture » Paying (both meanings) for War

Paying (both meanings) for War

Posted By Barry Ritholtz On January 29, 2011 @ 5:00 pm In War/Defense | Comments Disabled

My friend (and Washington State money manager) Carl writes about our three trillion dollar war post ^[1]:

The biggest reason the U.S. is marching towards receivership—-the U.S. refused to pay for the wars in Iraq and Afghanistan.

Instead of raising taxes like we did to pay for WW 1 —we lowered them. Instead of having a high marginal tax rate for the wealthy, President Bush and the congress lowered taxes.

The following is just about Iraq and does not include the cost of Afghanistan.

Read about steps taken to prepare for and pay for WW 1 ^[2].

And tax rates during WW 2 ^[3].

Fascinating stuff — thanks Carl!

Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2011/01/paying-both-meanings-for-war/

URLs in this post:

[1] three trillion dollar war post: http://www.ritholtz.com/blog/2011/01/the-three-trillion-dollar-war-2/

[2] WW 1: http://eh.net/encyclopedia/article/Rockoff.WWI

[3] WW 2: http://eh.net/encyclopedia/article/tassava.WWII

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