A $95 Billion Boondoggle

by James Rickards
Daily Reckoning

The big news this weekend is that the House passed a long-anticipated $95 billion foreign aid package.

About $61 billion will go to assist Ukraine in its war with Russia. About $26 billion will go to Israel (with some humanitarian aid for Gaza) and around $8 billion will go to supporting allies in the Indo-Pacific region, most notably Taiwan.

The package will go to the Senate this week, possibly as early as tomorrow, where it’ll certainly be approved. Joe Biden will then sign it into law.

Biden desperately wanted this package to shore up his prospects in this year’s election. He can’t afford for Ukraine to collapse and suffer another foreign policy disaster like Afghanistan — not in an election year.

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