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Is the "Soviet threat" worth $300 billion a year?

Where is the Soviet threat against which we appropriate $300 billion a year for defense?

For forty years our whole deterrence strategy has rested on the assumption that our adversary was rational. For us to reverse ourselves and maintain a huge deterrent because our adversary might become irrational leads one to question even our rationality.

Threats to our society seem less likely to come from the Soviets than from our neglect of the needy, our devastation of the environment, and our unwillingness to invest in our economic future. Still, Congress debates whether to buy mobile MX missiles or new Midgetmans.