Given that we are running massive deficits and are drowning in more than $14 trillion in debt, and despite not knowing who will rule Egypt until its election this fall, this strange strategy may be the end result given President Obama’s announcement that he is committing $2 billion to Egypt’s “new government.” It’s part of a $20 billion foreign aid package laid out with the Group of 8 countries in Europe today.
Now, given that Egypt has a history of corruption when it comes to utilizing American aid, it is doubtful that the money will really help needy Egyptian people. Couple that with the fact that the Muslim Brotherhood is organized to have a real shot at taking control of Egypt’s government, and one has to ask why we would send money (that we don’t have) into unknown Egyptian hands?
Throwing borrowed money around is not sound economic policy. And throwing borrowed money around the developing world is not sound foreign policy. Foreign assistance should go to American allies that need it and appreciate it, and for humanitarian purposes when it can truly make a difference.
I don’t agree with her on a lot of things, but on this I pretty strongly agree. Well, aside from the “foreign assistance should go to” part. I don’t think we should be sending any money to any country for any reason.
But the rest of her point is still well-taken.