In the midst of the turmoil in the Middle East, it is estimated that the Egyptian economy is losing $310 million a day, more than $3 billion and counting since the demonstrations began.
The media make much ado about the $1.5-2 billion in U.S. annual aid to Egypt. Should it continue or cease? How much leverage does it give the U.S. government over President Mubarak of Egypt and the Egyptian military?
Putting U.S. aid in perspective, the current fiscal year’s aid allocation has been more than wiped out by the partial shutdown of the Egyptian economy.
Perhaps a better comparison is that $2 billion amounts to less than 2% of January’s U.S. budget deficit of $105.8 billion, or a mere 14 hours of deficit spending.
Wouldn’t it be nice if the media devoted as much attention to the U.S. deficit as it does to aid to Egypt?