Foreign Aid and Development Statistics
Foreign Aid For Development Assistance
In 1970, the world’s rich countries agreed to give 0.7% of their gross national income as official international development aid, annually.
Since that time, billions have certainly been given each year, but rarely have the rich nations actually met their promised target.
For example, the US is often the largest donor in dollar terms, but ranks amongst the lowest in terms of meeting the stated 0.7% target.
Furthermore, aid has often come with a price of its own for the developing nations. Common criticisms, for many years, of foreign aid, have included the following:
Aid is often wasted on conditions that the recipient must use overpriced goods and services from donor countries
Most aid does not actually go to the poorest who would need it the most
Aid amounts are dwarfed by rich country protectionism that denies market access for poor country products while rich nations use aid as a lever to open poor country markets to their products
Large projects or massive grand strategies often fail to help the vulnerable; money can often be embezzled away.
(edit) This post is most definitely a sound and informative one. The only addition I would add is the notion that most liberalists make that says that international aid is basically just frivolous spending on our part. This notion is due to the fact that we as a country are already in a tremendous amount of debt and even worse the budget deficit is in the trillions as recently reported by the Federal Reserve. Furthermore, the argument is that spending abroad on international poverty is not necessarily a necessity given the fact that we as a country have tremendously high homeless rates and poverty issue on poverty and famine taking place here on our own soil. References: http://www.quora.com/Can-the-U-S-afford-to-increase-spending-abroad