Meltdowns, nuclear and economic

We are going to be hearing a lot about nuclear meltdowns in the next few days. Here courtesy of Reuters is a decently comprehensible explanation of what may have happened at the Fukushima nuclear power plant:

Nuclear power plants cannot explode the way a nuclear weapon does. But they can spew a lot of dangerous radioactive material if the containment is breached (this has not happened so far). That could make things a lot worse. Check here for more on this and other nuclear issues.

At the very least, we are looking at colossal economic losses due to the earthquake in Japan. The reactors alone cost on the order of $10 billion each, and that is small in the context of the other physical damage done in Japan. But the really big impact is likely to come from increased energy costs worldwide–uncertainty about whether nuclear reactors are safe will drive up electricity and other energy bills, which are already soaring due to Middle East uncertainties.

So…anyone who thought our budget problems might ease in a year when the economy is recovering, as I did, will have to reevaluate. Whatever budget constraints we were feeling before the earthquake, they are going to get a good deal tighter now. This unquestionably affects the way we think about war and peace, in particular how much we are willing to pay for either one. Tea partiers were already prepared to cancel funding for peace, and they were looking shaky on support for war too. How about the rest of us?