President Obama’s vacillation on Syria—first delaying military action and then booting the decision to Congress—poses grave threats to U.S. prosperity.
Imminent military action, especially in the Middle East, instigates fears of shortages and panic in oil markets. Two years ago, oil prices jumped to more than $110 in anticipation of the U.S. action in Libya but then subsided when the worst did not happen to oil supplies.
A prolonged debate in Congress could push gasoline above $4.00. That would dent Detroit’s resurgent auto sales, shelve investment decisions across manufacturing, and weigh on already flagging new home sales.
The president exacerbated near term fears by first vacillating after Syrian President Assad crossed his red line, and then asking Congress to vote the week of September 9.
The president faces formidable opposition among Congressional liberals and the Tea Party, who don’t grasp what is at stake for U.S. security and economic interests.
Since Roosevelt, the United States has carefully promoted a system of international law that prohibits aggression, protects human rights, and promotes freer markets for international trade and investment.
The liberals and Tea Party, who are very reluctant to support military force unless U.S. security is directly threatened, should consider the longer-term consequences of U.S. inaction on the economy and jobs.
If the liberals and Tea Party block U.S. military action, that vote will mark the end of the United States of America as a prosperous nation with the resolve to lead.
Outside of the fantasy world of the warmongers, things are a little different.
Moreover, far better-known and more impressive economists than Morici have shown that – contrary to long-standing myths – war is horrible for the economy.
Attacking Syria would be a much more serious war crime than even a chemical weapons attack. (And history shows that the U.S. is guilty of more serious chemical weapons attacks than anyone in Syria has committed).
Polls show that the American public – and the entire world – believes that the American government islying about its case for war … just as it did in Iraq.
As such, attacking Syria would further undermine the rule of law, further erode trust in the government … and therefore further damage our economy.