Eric Phillips, writer and graduate student in economic history, discusses his article “Military Spending and Bastiat’s ‘Unseen;'” the opportunity costs (in terms of dollars and innovation) when money is taken from the private sector and spent on national defense; why frightened Americans support enormous military budgets far in excess of what’s needed for defensive purposes; Obama’s defense “cuts” that are just reducing the rate of increase; and the high unemployment rate for young veterans, despite election year jobs programs targeted specifically for them.
MP3 here. (20:15)
Eric Phillips is a writer from Philadelphia, currently studying economic history in graduate school. He is the founder of the blog Notes & Observations. His articles have been featured on Mises.org, LewRockwell.com, EconomicPolicyJournal.com, and in Taki’s Magazine.