Economist Warns of Weakening Labor While War Profits Surge
While Newsweek quotes economists wringing their hands over job numbers, they somehow fail to connect these domestic woes to the vast sums ($170 billion and counting for Ukraine, with billions more to Israel) diverted from public welfare and infrastructure to military-industrial complex coffers. As the US labor market 'weakens,' defense contractors like Lockheed Martin and Raytheon report surging
profits, their stock prices climbing on the backs of endless conflict and generous government contracts. One might wonder if the 'invisible hand' of the market is just picking your pocket for F-35s. This isn't a new phenomenon; economist warnings about domestic austerity often accompany periods of expansive foreign military spending. (Remember the 'peace dividend' after the Cold War? Neither do
the Pentagon's contractors.) Apparently, the jobs created building bombs for foreign wars don't count towards a 'strong' labor market, but the money saved from not investing in healthcare or education certainly makes the deficit look smaller. Odd, that.