My letter to the Philadelphia Inquirer re: Will a new bomber bring prosperity?

Re: Will a new bomber bring boom times? on Page A8 of Sunday February 15, 2015 issue of Philadelphia Inquirer - Philly Edition

Dear Sirs:

Ignore for the moment whether or not the US actually needs a new stealth bomber, which is a very complicated and difficult question of how best to protect our country, and understand that building one will NOT create prosperity. Military spending consumes capital, which is the product of private savings. But whereas most private savings go into building the capital stock of the nation in order to provide more goods later, military spending is pure consumption in the present. Oh, the people who build the bomber may find themselves flush, but their temporary prosperity comes at the cost of the rest of the nation both present and future.