NEW YORK ( TheStreet) -- Some 30 years ago, as a young reporter, I learned the secret of America's peacetime economy, its continuing peace dividends.
It came in an interview with a local technology executive. He was a former Air Force officer and noted that his lieutenants were also ex-military. I still have the tie he gave me that day, and came close to saluting as I walked back to my car.
The Air Force team was busy turning computing techniques learned in the military into something that's now commonplace, online transaction processing. The U.S. has dominated that area of business from that day to this.
The size of our peace dividend tends to rise after we cut defense budgets, as technology creators seek ways to capitalize on their research, and gain the motivation of profit to find it.The collapsing military budgets following World War II and Korea were followed by huge booms in domestic manufacturing technology. The benefits of microprocessors and the Internet became commonplace after the Vietnam-era budget cuts. During the first Obama Administration the Defense budget has held steady even while our foreign military commitments have declined. The president now claims a "peace dividend" is coming which