military expenditures are not only the basis of the government’s industrial policy; they also take up such a huge proportion of the budget that by many estimations, were it not for them, the United States would not run a deficit at all.
Important note! His argument seems to be predicated on the fact that deficits are required for a strong US dollar (as the dollar itself is backed by US government debt) (though note that having high public debt as a percentage of GDP can cause rampant inflation and therefore weaken the currency). And he also argues that this deficit is primarily due to military expenditures. Where is proof of this (i.e., a time-series graph of combined direct and indirect military expenditures as a percentage of government expenditures and government deficits)?
