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To do so, they consider what the effect on growth would be if the United States were to adopt any one of three policy changes: reallocate funds between defense spending and infrastructure investments, change its overall level of defense spending and apply the difference to public debt, or increase taxes to finance defense spending. grand strategy - the authors examine the relationship between U.S.
#US MILITARY BUDGET SERIES#
In this report - the first in a series on the security and economic trade-offs associated with competing visions for U.S. Once the immediate crisis has passed, the country will have an even larger public debt than before and might also have to grapple with the question of what level of defense spending is sustainable in the long term. In early 2021, as the United States remains in a recession amid the coronavirus disease 2019 pandemic, questions about how different budget choices affect economic performance might become more salient. Yet these trade-offs might be of greater public interest in coming years. The economic trade-offs associated with defense spending have been underexamined compared with other aspects of the debate about U.S. Such a decision involves balancing trade-offs a larger budget gives the country more funds to promote and defend its global interests, it but also reduces funds available for domestic programs, including those that might do more to boost economic growth. President Joseph Biden's administration will reassess and possibly change the size of the U.S. In nominal terms, however, military spending grew by 6.1 per cent."Īs a result of the economic recovery from the COVID-19 pandemic, defence spending amounted to 2.2 per cent of global GDP, while in 2020 this figure reached 2.3 per cent.Like all new administrations, U.S. "There was a slowdown in the rate of real-terms growth due to inflation. "Even amid the economic fallout of the Covid-19 pandemic, world military spending hit record levels," said Dr Diego Lopes da Silva, Senior Researcher with SIPRI's Military Expenditure and Arms Production Programme. The five largest spenders in 2021 were the United States, China, India, the United Kingdom and Russia, together accounting for 62 per cent of expenditure," the Stockholm based said in a statement. "Total global military expenditure increased by 0.7 per cent in real terms in 2021, to reach USD 2113 billion. World military expenditure reached an all-time high of USD 2.1 trillion in 2021, the Stockholm International Peace Research Institute (SIPRI) said on Monday, adding that the top three largest spenders were the United States, China and India.