Re: Underwater mortgages and the economy

On 05/11/2010, at 5:32 AM, Dan Minette wrote:

> Charlie wrote:
> 
>> ...and judging by GDP figures, the USA is still fighting the Cold War.
> 
> Hmmm, I looked it up, and military outlays under GWB as a % of GDP were less
> than they were under Carter, around 4% or a bit less. vs. Carter's 5%+.  And
> he said that the US was going to have to increase defense spending.  Under
> Kennedy, they were about 10% of GDP, Reagan close to 6%.  They've risen
> under Obama, but that's due to the slowdown in the GDP more than anything.
> 
> So, only if you take the bottom of the Cold War spending, when anti-war
> Democrats were in the forefront, and this year under Obama, which is a
> special circumstance (defense spending rates are projected to fall to 3.6%
> in the budget), is that close to true.

Now compare it to everyone else in the world...

Charlie.