How nations decline

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"As interest payments eat into the budget, something has to give-and that something is nearly always defense expenditure... This is how empires decline. It begins with a debt explosion. It ends with an inexorable reduction in the resources available for the Army, Navy, and Air Force."

Niall Ferguson in Newsweek.

Source: The Congressional Budget Office.

Amount of defense cuts proposed by President Obama: 10%.

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