GLOBAL SURGE IN MILITARY SPENDING
The world is now undergoing a sharp rise in military spending. Last year the world raised its military spending 4% in real terms to $2 trillion. The US is of course the elephant in the room, contributing 45% of the $2 trillion. In the current budget deal between Democrats and Republicans, military spending is one of the few categories of expenditures not being frozen or decreased. Another category being spared any cut is veterans’ benefits: although veterans’ benefits may be necessary, they are in fact payments for the results of past wars which were not necessary.
Some would say the current global increase in military spending is due to the Russian invasion of Ukraine and the alleged Chinese threat to Taiwan. These are factors, but the US military budget has been creeping upwards for a long time.
Sources: The Economist, 5/27/23 and New York Times, 5/29/23