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We've already seen more inflation in just 51 months of the 2020s decade than in the entire decade of the 2010s
(www.resiclubanalytics.com)
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this post was submitted on 18 Aug 2024
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Amusingly, one of the primary factors driving the decline during the 60s was the Vietnam war, and today it's the proxy war in Ukraine.
Guns or butter. LBJ was convinced we could have both at the same time.
Ukraine is different in a lot of ways; calling it a proxy war is more apt in a way I don't think you meant. We're sending older equipment in order to make more new stuff. Using the war as convenient indirect demand. Don't let a crisis go to waste, after all. I support Ukraine's cause, but it's also being used to make rich people richer, as always.
It's pretty clear that the US has run out of old stuff to send a long time ago. If you look at the aid package breakdowns, it's all stuff that is to be produced. Make no mistake, the war is having a significant impact on the US economy, and it's diverting labor from productive work that would actually benefit people of the country.
The negative economic impacts of what I think is pretty much the early stages of WW3 (like the sino-chinese war that went on for a few years before 1939) come from 2 main sources. Disruption in gas and agricultural products from Russia and Ukraine, and disruption in trade in the red sea.
The other comment or points out that the us is diverting productive labor into militarism from this war, but that has always been the case. The us wastes a shockingly high amount of its labor on garbage, but this won't show up on the gdp statistics because those only tell you how much purchasing power a country has (relative to others), not what that power is used on.
This is just MIC propaganda. Don't fall for overly convenient narratives.