How To Invest That Peace Dividend

With the evaporation of the Soviet military threat that saddled the U.S. with enormous budgets for 45 years, further spending cuts are inevitable. More than half of the $291 billion military budget is used to meet the nato commitment to help defend Western Europe against attack by Soviet forces. Justifying anything like that level in the future makes no sense. The question facing the U.S. is what to do with the savings.

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