War Spending Strategy: Soak the Grandkids

War without taxes defies all of US history. Why are we allowing it?

By Dustin Lushing, Newser Staff

Posted Jun 11, 2008 11:47 AM CDT

(Newser) – As Congress tackles the latest "emergency" spending bill for Iraq and Afghanistan, bringing the total to more than $860 billion, Ruth Marcus notes in the Washington Post: "For the first time in American history, every penny of that amount will have been borrowed. For the first time, billions more will have been borrowed to finance tax cuts in the midst of war."

Marcus asks tax historians what factors led to this reversal of one of the fundamental assumptions of American politics: shared sacrifice in wartime. They cite the end of the draft, and the fact that a globalized economy and a more skillful Fed have reduced the fear of inflation that fueled previous wartime tax hikes. But she argues that the biggest factor the is transformation of the GOP since Nixon: "This is the first extended war fought under the banner of supply-side economics."

U.S. President George W. Bush looks on during a news conference with German Chancellor Angela Merkel, in Meseberg, north of Berlin, Germany, Wednesday, June 11, 2008. (AP Photo/Michael Sohn)

U.S. President George W. Bush (AP Photo/Markus Schreiber)

U.S. President George W. Bush is seen, during his joint news conference with German Chancellor Angela Merkel, not shown, at Schloss Meseberg Palace, Wednesday, June 11, 2008 in Meseberg, Germany. (AP Photo/Pablo Martinez Monsivais)

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War Spending Strategy: Soak the Grandkids

War without taxes defies all of US history. Why are we allowing it?

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US Will Halve Vast Iraq Embassy

Officials cite Iraqi obstructionism, mutual suspicion for thwarting mission

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10% surcharge could cover next year's bill: Walter Pincus

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War Spending Strategy: Soak the Grandkids

War without taxes defies all of US history. Why are we allowing it?

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OTHER STORIES ON OUR RADAR

Congress • taxes • war funding • Iraq war • Iraq war spending • war cost • George W. Bush

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

US Will Halve Vast Iraq Embassy

Officials cite Iraqi obstructionism, mutual suspicion for thwarting mission

Super Committee Wants to Count $700B War Savings

'Gimmick' would pay for things like payroll tax cut

Pentagon Late Fees for Storage Boxes: $720M

Overdue containers can cost $2,200 each

Time for a War Tax to Cover Our Debts

10% surcharge could cover next year's bill: Walter Pincus

US Wars Price Tag Nears $4T

Action in Afghanistan, Iraq, Pakistan approaching cost of WWII: study

About Us

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Newser By Users

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What is Newser?