Thursday, November 9, 2017

Opportunity cost of spend on the US Military



www.pgpf.org


The USA, China, Russia, Saudi Arabia, France, Britain, and India are the 7 countries with largest military budget. America’s military budget is unlike any other country. If you were to combine every country's military budget listed above except for the US. The US will still have a larger budget. According to the Peter G Peterson Foundation, a non-profit that researches fiscal policy, those six countries combined military budget is $601 billion while America’s budget is $610 billion. Therefore the government should spend less on military, and more money on education and science.

The youth are the future of America soon they will grow up and become adults who contribute to the economy. The US government should cut some of the military's budget and invest that money into education. An education is the most important thing in one's life, education can get you a degree, a degree can get you into college where you get another degree or two. If the education budget were to be increased there will be more high school graduates, and college graduates. From there they can obtain a respected profession that  supports them and makes them better off. Not only will individuals profit from increasing the education budget, but the economy will profit as well. With people increasing their income due to the fact they have a higher paying job because of their degree opposed to an individual who does not, will pay more taxes, and spend more money. Which will increase the amount of money in circulation which raises the GDP and grows the economy.  

Other than education another constructive way to use federal money is on science. Science is the reason why the life expectancy rate rose from 60 years old in 1930 to 79 years old in 2010. Increasing the budget for science research will help humanity. We can develop more life saving vaccines.  

Next we are going to travel and breakdown how other countries spend their federal budget.

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