Saturday, June 25, 2011

U.S. Increases Military Expenditure -KCNA

U.S. Increases Military Expenditure

Pyongyang, June 23 (KCNA) -- The United States is squandering a huge amount of fund on war and military intervention in other countries despite its serious economic situation.

The U.S. House of Representatives approved the defense budget of 690 billion dollars for the next fiscal year late in May.

The budget contains 119 billion dollars requested by the U.S. Defense Department to fight Iraqi and Afghan wars.

In fiscal 2010 the U.S. administration allocated 534 billion dollars as military expenditure.

For 7 years since March 2003 when it launched a war in Iraq, the U.S. spent 742.3 billion dollars for the war.

The U.S. military expenditure is steadily increasing, while its economic situation is getting worse.

Philadelphia Orchestra renowned for its 100 odd years of history declared its bankruptcy in mid-April, an impact of the economic crisis sweeping across the U.S.

The number of tickets sold drastically decreased in recent years as a consequence of the economic depression and, in the long run, the orchestra was overburdened with deficit.

According to the U.S. Department of Treasury, the budgetary deficit of the country reached 57.6 billion dollars in May, 17.2 billion dollars more than the previous month.

The trading deficit was 43.7 billion dollars in April.

The number of the jobless stood at 13.9 million in May countrywide.

All facts show that the reckless policy of aggression and war against other countries leads to bankruptcy and self-destruction.