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Barney Frank: Military spending to blame for U.S. credit downgrade

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Appearing on CBS Monday, House Financial Services Committee ranking member Barney Frank (D-MA) pointed to growing military spending as one of the causes of S&P’s downgrade of U.S. credit.

“I would hope there would be one bipartisan agreement we can reach and I’ve been working for,” Frank told CBS’ Nancy Cordes. “There is one area in American policy where we are doing things disproportionate to the rest of the world. We don’t give our older people more medical care, we don’t have a better retirement, we don’t spend more on the environment. Where America is disproportionate is our extraordinary willingness to be the military policemen for the whole world.”

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“We spend far more of our economy as a national percentage on the military than just about any nation except a beleaguered nation like Israel, which has to do with self defense. We are spending well over $120 billion a year in Iraq and Afghanistan. The time has come to find a place where we could, I think, together, make some savings. So, I am — that’s going to be my mantra for the next few months.”

“We could be the strongest nation in the world for $400 billion instead of $700 billion, or $450 billion instead of $700 billion,” he added. “We could easily save more than $200 billion without in any way endangering our security.”

Watch this video from CBS’ The Early Show, broadcast Aug. 8, 2011.


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2020 Election

Arizona Republican likens Trump’s loss to Japan getting nuked while losing WW II — but as a good thing

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President Donald Trump on Monday allowed President-elect Joe Biden's transition to proceed -- while vowing he would never concede.

Despite Trump losing the election, some Trump supporters are refusing to accept the outcome.

One Arizona Republican in Congress, Paul Gosar, drew upon the historical knowledge him learned on his way to becoming a dentist in a bizarre analogy he posted on Twitter.

Gosar suggested the Trump movement would be like an Imperial Japanese soldier in World War II who refused to surrender until 1974.

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2020 Election

Neal Katyal predicts law schools will teach a ‘Worst Mistakes in Court’ class on Trump’s ‘pathetic’ 20-day fiasco

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Prominent lawyer Neal Katyal is best known for having tried over 40 cases before the United States Supreme Court and serving as acting Solicitor General during the Obama administration.

But he also has spent more than two decades as a law professor at Georgetown.

He drew upon all of that experience for a Monday evening appearance on MSNBC's "The Last Word" with Lawrence O'Donnell.

"Someday a law school class is going to be called 'The Worst Mistakes in Court' -- and it will be just about these 20 days," Katyal predicted. "Because this legal strategy is so pathetic it makes Trump's coronavirus strategy look competent by contrast."

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2020 Election

Trump vows he ‘will never concede’ — in 11 pm conspiracy-filled rant

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Donald Trump lost the 2020 presidential to President-elect Joe Biden, but is still refusing to concede.

White House aides reportedly convinced him to allow Biden to begin his transition by telling him he did not need to use the word "concede."

But that word appeared to be on his mind late Monday night.

"What does GSA being allowed to preliminarily work with the Dems have to do with continuing to pursue our various cases on what will go down as the most corrupt election in American political history?" Trump asked while continuing to lie about the election being corrupt.

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