Last weekend I was at a house party for congressional candidate Phil Steck who passionately argued that we would have the money to invest more in mass-transit and other domestic priorities, if we only could bring the troops home. I wish I could believe him, but I have to be quite skeptical of that notion from my knowledge of history.

Some 35 years ago, people where arguing that if we only got out of the Vietnam War we would have more then enough money to deal with all of the domestic ills that where facing our country. Yet, we learned that not be the case. Money that previously went to Vietnam went to other defense needs, and to allow government to purchase things in an era of declining tax revenue and increasing prices due to stagflation.

War brings stagflation to the economy, at least with a prolonged conflict like Iraq or Vietnam. Wars that last for years drag on and bring down the economy with them. The defense spending that helps the economy at the beginning of a long war, leads to long-term debt flooding the market, pushes interest rates up to make it desirable. That in turn makes everything more expensive by increasing inflation. The government-induced inflation in hurts the economy, which reduces government revenue and necessitates more borrowing.

To make matters worst, our government's war in Iraq has destabilized the Middle East, right at the time that oil demand continues to push through the roof, thanks to the coming of age in China. China now has a burgeoning middle class that is demanding more and more cars, most of which will burn gasoline derived from oil. They also are purchasing in increased numbers the same kind of technologies we use in America that use incredible amounts of electricity, made primary from coal purchased on the global market.

Not only are government revenues down and inflation is up, making it more difficult for government to provide services, the so-called peace dividend will likely be eaten up by other priorities, long before it trickles down to meeting community needs like more mass-transit. Our social benefit programs we have promised future generations will take another big bite out of a peace dividend. Debt service will take another hit out of a pace dividend. Reducing the deficit will likely take the rest.

There will not be a peace dividend when the war ends. That doesn't mean we should be continuing to allow our fellow Americans to be dying in an unjust conflict that we should not have gotten involved in. It also doesn't mean that our continual national spending deficit is acceptable or that the bills from debt service won't come due someday in the future.

Realizing that there is a lack of a peace dividend in our future it means we should be making responsible spending choices now, and making the right kinds of investments in our communities now. If we wait for unrealistic promises, we will only become poorer as communities and a nation as a whole.