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Globalization Marches On -- In These Times

Globalization Marches On -- In These Times: "In one dimension—military power—the United States stands alone. And Obama is setting new records with his 2011 military budget. Almost half the U.S. deficit is due to military spending, which is untouchable in the political system.

When considering the U.S. economy’s other sectors, Nobel laureate Joseph Stiglitz and other economists warn that we should beware of “deficit fetishism.” A deficit is a stimulus to recovery, and it can be overcome with a growing economy, as after World War II, when the deficit was far worse.

And the deficit is expected to grow, largely because of the hopelessly inefficient privatized health care system—also virtually untouchable, thanks to business’s ability to overpower the public will."

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