Biden Has Massively Overdrawn America’s Account with Blank Checks to Ukraine

Overview:

This commentary piece by Justin Logan and Dan Caldwell at the Cato Institute critiques President Biden's approach to supporting Ukraine, arguing that the United States has overextended its resources. They assert that the Biden administration's request for additional funding for Ukraine is unsustainable given the U.S.'s fiscal position and the uncertain prospects of a Ukrainian victory.

Key Points:

1. The Biden administration's latest request for $61 billion for Ukraine would bring the total U.S. support since 2022 to nearly $200 billion.
2. The authors question the feasibility of a Ukrainian victory and the U.S.'s ability to sustain financial support given its fiscal challenges.|

Key Quotes:

1. "The Biden administration continues to publicly advance the delusion that Ukraine can achieve a total and decisive victory against Russia."
2. "Interest on the debt is now roughly $1 trillion per year, the national debt itself is at almost $34 trillion, and the budget deficit each year is some $1.5 trillion and expected to jump to almost $3 trillion by 2033."

What They Discuss:

• The impact of U.S. support for Ukraine on the country's ammunition stockpiles and its ability to support other allies.
• The challenges in achieving a meaningful Ukrainian breakthrough against Russia in the near term.
• The risks of escalating the conflict in Ukraine and the high rates of munition expenditure.
• The dire U.S. fiscal position, including a growing national debt and budget deficit, which makes continued support for Ukraine unsustainable.

What They Recommend:

• Congress should reject the latest funding request for Ukraine due to the lack of a clear plan for victory and the U.S.'s precarious fiscal position.
• The U.S. should reconsider its approach to the conflict in Ukraine, focusing on diplomatic solutions rather than continued military support.​

Key Takeaways:

• The commentary highlights the fiscal and strategic challenges of the U.S.'s continued support for Ukraine.
• It emphasizes the need for a reassessment of U.S. foreign policy priorities and fiscal responsibilities.
• The authors argue for a more cautious approach to international conflicts, considering the U.S.'s domestic fiscal challenges.​

This is a brief overview of the commentary from the Cato Institute. For complete insights, we recommend reading the full article.