Well, there you go again, Perry. I agree with your first point, but that’s going to be a much more important factor in future economic performance than Iraq. Military spending as a percent of GDP is right about where it was in 1993, and far below where it was in the 60’s.

The President and this Congress are spending like drunken Kennedys (but I repeat myself), and I think the prescription drug benefit, earmarks, and general government wastefulness will hurt us in the future; the housing-driven recession we all anticipate won’t be good for tax revenues either. In short, the government has lots of financial problems. Iraq isn’t one of them.