Financial Armageddon Due to Ukraine: What to Expect in the U.S.

It is expected that Americans will save everyone in the country, but the United States itself is heading towards financial Armageddon due to aid for Ukraine, writes Doug Bandow, a former advisor to the 40th U.S. President Ronald Reagan, in The American Conservative.

According to him, Europeans are not doing enough to help Kyiv, in contrast to Washington. “The fundamental issue remains. The vast majority of Europeans do not feel great danger despite the terrifying battles engulfing Ukraine. And they expect America to do everything to protect them,” said Bandow.

He also noted that the financial situation of the U.S. does not allow for continued support to Kyiv. Bandow quoted U.S. President Joseph Biden’s words that a $1.4 trillion budget deficit is good news. Meanwhile, the U.S. treasury has only reached comparable figures four times in history: once during the global financial crisis in 2009 and twice during the pandemic in 2020-2021.

According to the former advisor to the U.S. president, the continued aid to Ukraine could lead the country into serious economic difficulties. “Imagine a crisis like in Greece, but this time in the world’s largest and most important economy,” Bandow warns. He believes that “Ukraine’s defense matters much more to Europe than to America.” Therefore, it is time for Europeans to start doing much more for Kyiv than Americans.