I’m in Sweden for a few days (hanging out, my vanity compels me to boast, with one of today’s most creative and effective classical-liberal thinkers, Johan Norberg ). (BTW, one of the finest books on globalization written during the past quarter century, in my opinion, is Johan’s In Defense of Global Capitalism .) Discussions with a variety of people here, as well as impressions recalled from commentaries written by a number of Americans, of fiscal woes in Europe and the U.S. prompt the following impromptu question: If – as pop fiction and the opinions of many experts  contend – the American economy was rescued from the Great Depression by World War II, why do a number of people today place part of the blame for America’s current fiscal woes on Uncle Sam’s unnecessary military adventures abroad?
I here accuse no individual of inconsistency. But it does strike me as worthwhile to point out that the following two propositions are highly unlikely both to be correct: (1) massive military spending by Uncle Sam from 1940 through 1945 was economically beneficial; (2) massive military spending by Uncle Sam from 2002 through today is economically harmful.