Guns Butter And The Deficit
No, the problem isn’t Iraq, or Afghanistan, or the French. The greatest threat to America’s primacy in the world comes not from its overseas commitments, explains the historian Niall Ferguson in his smart forthcoming book “Colossus”: “It is the result of America’s chronically unbalanced domestic finances.” The mounting federal budget deficits that now stretch out as far as the eye can see will mean–if history is any guide–sharp cutbacks in American military and foreign-affairs spending....