The Negative Economic Effect of War on the USA Essay

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At one point in time, war was beneficial to the United States economy. After World War I and World War II, the United States experienced periods of national prosperity. The economy was booming and patriotism was widespread. However, there were numerous variables in addition to the war that contributed to the economic growth. Presently, it is undeniable that war no longer benefits the United States economy as it once did. Wars are expensive not only financially but also in resources. They are extremely disruptive both on the home front and on the battlefield in labor, resources, and trade. Above all else, wars are extremely destructive to capital and human capital as we have seen many times in the past (Goldstein). War has become an all new game and lost the benefit it once offered. Many people have failed to realize this change in economic situation. Contrary to popular belief, war has had many negative effects on the economy of the United States.

This common misconception may be rooted in the fact that there are positive short-term effects to war. GDP growth, which is the increase in the market value of the goods and services produced by an economy and measured as a percentage, is attributed to times following war. This, however, could be seen as a false positive through higher inflation, budget deficits, high taxes and reductions in consumption or investment (“Economic Consequences of War on the U.S. Economy”). This could be why many people believe that the Second World War brought the United States out of the Great Depression. Some would even suggest that our system needs war in order to avoid recession (“Proof that War Is

Bad for the Economy”). At one point in history, this may have been the case. Back in th...

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... the Day. N.p.: n.p., 1942. N. pag. History Reference Center. Web. 25 Jan. 2014. .
McMurry, ed. Thrift--Now. N.p.: n.p., n.d. History Reference Center. Web. 23 Jan. 2014.
"Proof that War Is Bad for the Economy." Global Research. N.p., n.d. Web. 23 Jan. 2014.
Stephen, Andrew. "Iraq: The Hidden Cost of the War." Iraq: The Hidden Cost of the War. N.p.: n.p., 2007. N. pag. History Reference Center. Web. 25 Jan. 2014. .

Stiglitz, Joseph. "The Myth of the War Economy." The Guardian. N.p., n.d. Web. 23 Jan. 2014.

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