The United States maintains nearly 1,600 deployed nuclear weapons and a triad of systems — bombers, intercontinental ballistic missiles (ICBMs), and submarine-launched ballistic missiles (SLBMs) — to deliver them. Current plans call for modernizing all three legs of the nuclear triad, which could cost taxpayers over $100 billion. A just-released Cato paper explains why a triad is no longer necessary. U.S. nuclear weapons policies have long rested on Cold War–era myths, and the rationales have aged badly in the two decades since the Soviet Union’s demise. Two of the paper’s authors, Benjamin Friedman and Christopher Preble, will discuss the origins of the nuclear triad and explain why a far smaller arsenal deployed entirely on submarines would be sufficient to deter attacks on the United States and its allies and would save roughly $20 billion annually.
Featuring Dan Ikenson, Director, Herbert A. Stiefel Center for Trade Policy Studies, Cato Institute; Simon Lester, Policy Analyst, Herbert A. Stiefel Center for Trade Policy Studies, Cato Institute; Daniel Pearson, Senior Fellow, Herbert A. Stiefel Center for Trade Policy Studies, Cato Institute; and Bill Watson, Policy Analyst, Herbert A. Stiefel Center for Trade Policy Studies, Cato Institute.
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In this issue of the Cato Journal, economists Geoffrey Black, D. Allen Dalton, Samia Islam, and Aaron Batteen offer one prominent example of allowing the market to work. Also in this issue, economists Jason E. Taylor and Jerry L. Taylor reexamine the relationship between marginal tax rates and U.S. growth, and Robert Krol looks at bias in CBO and OMB economic forecasts.
Latest CommentaryWhen I first became a reporter in 1945 for a Boston radio station, a veteran journalist commanded me: “Kid, when you’re on a good...
The 2008-2009 financial crisis and Great Recession have vastly increased the power and scope of the Federal Reserve, and radically changed the financial landscape. This new ebook examines those changes and considers how the links between money, markets, and government may evolve in the future.