Economics
The Mother of All Drawdowns
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Ten years after the Sept. 11, 2001, terrorist attacks, the Pentagon confronts a new enemy that will require it to embrace an unfamiliar strategy: spending less money.
Forget Islamic radicals or even an ascendant China; the “biggest threat to our national security is our debt,” says Admiral Mike Mullen, chairman of the Joint Chiefs of Staff. Indeed, the Congressional Budget Office expects that by 2021 the U.S. will be spending almost as much on interest payments each year as on national security.