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One of the things that really helps the U.S. balance of trade is weapons sales. In a recession, perhaps they should be encouraged more.
According to Reuters, Iran's Gulf neighbor, the United Arab Emirates, has signed a deal worth $3.3 billion to buy missiles from U.S. firm Raytheon (NYSE: RTN).
The Census Bureau reports that the October balance of trade was a negative $57 billion. A lot of that could be made up by selling missiles, tanks, rifles, and war planes. The Department of Defense has to approve most of the sales, but perhaps it should be annexed to the Department of the Treasury, at least until the recession is over. Some of the countries where a lot of sales are prohibited, like North Korea, could be added to the "OK to export weapons" list?
In September, The New York Times reported that "From tanks, helicopters and fighter jets to missiles, remotely piloted aircraft and even warships, the Department of Defense has agreed so far this fiscal year to sell or transfer more than $32 billion in weapons and other military equipment to foreign governments, compared with $12 billion in 2005." Up that number to $100 billion and think of the jobs it would create.
Weapons sales are not on the new Obama list of plans to create 2.5 million jobs by spending $800 billion. And, selling weapons does not cost the government at dime.
Douglas A. McIntyre is an editor at 247wallst.com.
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Reader Comments (Page 1 of 1)
12-20-2008 @ 12:52PM
Nick Dube said...
Is that really the best idea you could think of or did you just fail at sarcasm today?
12-20-2008 @ 2:45PM
Dan Barnett said...
Great! Let's sell the Sgt. York Air Defense System to North Korea, Iran & anyone else who wishes to buy it.
If left-over Vietnam war era body armor is good enough for the troops in Iraq, it certainly is good enough to sell overseas.
12-20-2008 @ 5:20PM
Trystan said...
Great. America's legacy to the world: We are its top merchant of death. We profit off of chaos, anarchy, and murderous conflict of all kinds. Tactical nukes? Sure, why not. Landmines? Not a problem. How about shrapnel bombs that will turn an infant into shredded tuna in less than a second? No problem. We will provide you with whatever you want...for a buck.
12-20-2008 @ 7:45PM
Badabing said...
McIntyre, you need to find another job besides writing, because if you're trying to be funny you're not, and if you're serious, you are just being the idiot I always thought you were.
12-21-2008 @ 5:10AM
peterhailey said...
Why doesn't the article say WHICH missles are being sold. The picture in the article shows what looks like a surface to surface missle. At least it is large enough for one. Is this what we want to give them? Why should we be selling any weapons at all? The United Arab Emirants is the same country that owned the C130 Hercules aircraft photographed aiding Osama Bin Laden. Are we even sure these people are our allies?
12-21-2008 @ 3:08PM
blogs11111 said...
This is sad, really sad. What is our country coming to? More weapons, more wars? Did everyone forget most humans just want to be safe, happy and able to afford the basics with some nice times now and then? I try to read and listen to the news to stay informed but it's getting more difficult to hear the things I'm hearing. It should be people first and greed shouldn't be rewarded, that's simple common sense with a conscience. Somebody wake me up when the good guys are in charge, if there are any left.