Biden’s Bombenomics: A Misguided Bid for Economic Prosperity Through Military Spending

President Joe Biden is selling us an old, worn-out narrative: that funneling more money into the military-industrial complex is a boon for our economy. This pitch, a blend of déjà vu and economic fallacy, threatens to entrench a militarized economy that could compromise our peace and prosperity for generations. Despite the allure of immediate economic stimulation, the reality is stark—this approach will siphon off funds from burgeoning industries and critical national priorities, stunting innovation and neglecting urgent societal needs.

The administration’s justification for increased military spending kicked into high gear with a $106-billion emergency funding request, ostentatiously supporting Ukraine, Israel, and Taiwan, but with an undercurrent of political maneuvering. Biden’s rationale? Jobs. By replenishing our stockpiles with made-in-America weaponry, he claims we’re not just boosting our defense but our economy too. Yet, this argument conveniently overlooks the crux of the issue: the immense opportunity cost of pouring trillions into the military at the expense of education, healthcare, and environmental sustainability.

Dubbed “Bombenomics,” this strategy is eerily reminiscent of tactics used by corporations like Lockheed Martin to justify endless funding for flawed projects like the F-35 fighter jet. It’s a concerning sight to see the White House adopting such methods, prioritizing military spending over addressing the pressing issues that directly impact the well-being of Americans.

The doctrine of military Keynesianism—the belief that military spending is a golden ticket out of economic woes—is fundamentally flawed. It’s not the military aspect that stimulated recovery during the Great Depression but the sheer volume of spending. In today’s context, such expenditure is less a necessity and more a reflection of skewed priorities, with the Pentagon’s budget ballooning to near-trillion-dollar heights while millions of Americans languish in poverty and inequality deepens.

The toll is evident: America now grapples with the lowest life expectancy among industrialized nations, despite leading the world in military expenditure. It’s high time for a sober reassessment of what truly constitutes national security and prosperity. Could we not achieve more by investing in renewable energy, education, and healthcare, sectors that promise more jobs and a sustainable future, rather than perpetuating a cycle of militarization that benefits a select few?

The narrative that military spending is an effective anti-poverty measure is particularly insidious. While military service may offer some pathways out of poverty, it’s a stark and grim option, laden with risks to physical and mental health. The true path to combating poverty and inequality lies in direct, meaningful investments in our communities and people—not in the perpetuation of warfare and military expansion.

The trade-offs are stark and the choices clear. The Pentagon’s budget dwarfs spending on critical domestic programs that could mitigate climate change, improve public health, and foster genuine economic growth. The disproportionate allocation of resources to military spending—evidenced by contracts that exceed the budgets of key agencies focused on diplomacy, health, and the environment—highlights a misalignment of priorities that demands urgent correction.

In essence, “Bombenomics” is a misguided gamble, one that prioritizes temporary and questionable economic gains over the long-term health and prosperity of our nation. It’s a policy that leans heavily on the scales of corporate and military interests, tipping us further from the balanced, equitable, and sustainable future we yearn for. For a truly prosperous America, we must shift our focus and resources toward nurturing the real foundations of our society: our people and our planet.