The Campaign Cash Behind the Afghanistan Escalation
President Barack Obama is scheduled to deliver a speech to the nation tonight from the U.S. Military Academy at West Point, N.Y., in which he's expected to announce he's sending up to 35,000 more U.S. troops to Afghanistan.
Anti-war groups are already planning protests against the escalation. United for Peace and Justice, a coalition of more than 1,400 local and national groups, is holding numerous protest actions around the country today and tomorrow, as is the anti-war group Code Pink.
Some are calling the president's plan to ratchet up the war a betrayal of the Democratic base, which overwhelmingly opposes sending more troops. For example, a recent Gallup poll found that 60% of Democrats want the president to begin reducing troop levels in Afghanistan.
But while the president may be showing disloyalty to his political base, he's remaining faithful to the defense industry interests that so generously funded his campaign.
According to the Center for Responsive Politics' OpenSecrets.org database, the top recipient of defense industry money in the 2008 election cycle was Barack Obama, whose haul of $1,029,997 far surpassed Republican contender Sen. John McCain's $696,948.
During the 2008 cycle, the industry contributed a total of $23.7 million to federal candidates -- far more than the $17.4 million it invested during the 2006 cycle or the $18.1 million in the 2004 cycle.
The top five defense industry contributors during the 2008 elections were Lockheed Martin at $2.5 million, Boeing at $2.1 million, Northrop Grumman at $1.8 million, and Raytheon and General Dynamics at $1.7 million each.
And it appears their investment may be paying off: The Associated Press reports that analyst Howard A. Rubel of the global investment bank Jefferies & Co. sent out a client note today stating that the fiscal 2010 Defense Department Budget will likely boost demand for precision munitions, communications gear, helicopters, armor and surveillance systems.
Among the companies whose stock Rubel rated as "Buy"? General Dynamics and Northrop Grumman.