A global businessman with much more success than President Donald Trump delivered a striking criticism of the Republican policy agenda this week.
Jack Ma is the founder of the online retailer Alibaba.com and one of the wealthiest men in the world. During a major world business meeting this month, Ma explained why Trump’s federal budget plan is certain to fail.
The centerpiece of Trump’s agenda is increasing military spending. As Ma points out, that strategy has been proven to fail.
“Over the past thirty years, the Americans had thirteen wars spending 40.2 trillion dollars,” Ma reportedly said during a business seminar recently. “What if they spent a part of that money on building up the infrastructure, helping the white-collar and the blue-collar workers? No matter how strategically good it is, you’re supposed to spend money on your own people.
A novel idea: maybe the reason the US is in a spiralling debt is because the US government has been spending money on all the wrong places (including war).
Jack Ma, founder of Alibaba.com and one of the richest men in the world, believes this is the case.
… “And the other money which I’m curious about is that when I was young, all I heard about America was Ford and Boeing and those big manufacturing companies. The last 10-20 years, all I heard about is Silicon Valley and Wall Street,” he continued.
“And what happened? The year 2008: the financial crisis wiped out 19.2 trillion dollars in the USA alone and destroyed 34 million jobs globally. So what if the spent on Wall Street and the Middle East was spent on the Mid-West of the United States, developing the industry there? That could change a lot.”
Watch the video – (via YouTube): “Chinese billionaire and Alibaba founder Jack Ma believes that improper distribution of funds and hyper inflated US military spending, not globalization or other countries “stealing” US jobs, is behind the economic decline in America”:
Trump is urging Congress to approve a major increase in military spending, even though the United States already spends much more on the military than any other nation on Earth.
President Donald Trump proposed a $54 billion increase in defense spending Thursday as promised, a plan that the White House says will provide the necessary funding to ramp up the fight against ISIS, improve troop readiness and build new ships and planes.
Released as part of Trump’s $1.1 trillion budget outline for 2018, the 10% boost to the military comes at the expense of deep cuts to non-defense spending at the State Department, the Department of Housing and Urban Development, the Environmental Protection Agency and dozens of other federal programs.
… The President’s request, which will raise spending for the Defense Department to $639 billion for fiscal year 2018, aims to fulfill several of the promises he made on the campaign trail and early in his presidency, including efforts to “demolish and destroy” ISIS, increase the total number of ships in the US Navy fleet and build additional F-35 fighter jets to expand the Air Force.