![]() ![]() Only a few countries at war have such a high proportion of military spending, and China's military spending accounts for less than 1.5 percent of its GDP. The US is the world's leading military power, with its military spending accounting for around 3.5 percent of its GDP. The fact is that the US' defense budget accounts for about 40 percent of global total. However, this self-deceiving calculation cannot deceive the world. The US government claims that this is only the largest nominal dollar amount for military spending, as in 2008 when the country fought two wars in Iraq and Afghanistan simultaneously, the scale of weapon procurement, if calculated in today's dollar, was over $200 billion. From 2013 to 2018, US' annual military spending dropped to below $700 billion, including $633.8 billion in 2015, but nowadays, US' military spending has increased by more than $200 billion than in 2015. This is the largest peace-time defense budget in the US. Of this military budget, $145 billion will be allocated for new weapon research and development, and $170 billion will be used for weapons and ammunition procurement. It is approximately 10 times the military spending of the third-largest defense budget in the world, and about four times of China's defense budget. ![]() How staggering is this number? It is about twice the GDP of Vietnam and half of South Korea's GDP. Infographic: The Facts About U.S.House of Hegemony Illustration: Liu Rui/GTPresident Biden will propose a $835 billion defense budget for the 2024 fiscal year on Thursday US time. In determining the appropriate level of such spending in the future, it will be important to evaluate whether it is being used effectively and how it fits in with other national priorities. That is considerably lower than the 50-year average spending on defense of 4.3 percent of GDP.ĭefense spending accounts for a sizable portion of the federal budget and the United States vastly outspends other nations. defense spending relative to other nations.Īlthough the United States spends more on defense than any other country, the Congressional Budget Office projects that defense spending as a share of gross domestic product (GDP) will decline over the next 10 years - from 3.1 percent of GDP in 2023 to 2.8 percent in 2033. ![]() Nonetheless, the SIPRI comparison provides useful insights on the sheer scale of U.S. By contrast, the national defense budget function ($766 billion in 2022) excludes outlays by the Department of State and certain programs of the Department of Energy. SIPRI includes discretionary and mandatory outlays by the Department of Defense, Department of Energy, Department of State, and the National Intelligence Program. SIPRI’s definition of defense spending is broader than the definitions that are most frequently used in fiscal policy discussions in the United States, and according to their calculations, the United States spent $877 billion on national defense in 2022. defense spending increased by $71 billion from 2021 to 2022, in part due to a military aid sent to support Ukraine in its ongoing conflict, and the United States now spends more on defense than the next 10 countries combined (up from outspending the next 9 countries combined in 2021). Defense spending by the United States accounted for nearly 40 percent of military expenditures by countries around the world in 2022, according to recently released figures from the Stockholm International Peace Research Institute (SIPRI). ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |