Global military spending tops $1.8 trillion, highest on record – World Socialist Web Site

Global military spending tops $1.8 trillion, highest on record – World Socialist Web Site

Global military spending has reached a new post-Cold War high, topping $1.8 trillion in 2018, according to an annual report published this week by the Stockholm International Peace Research Institute (SIPRI). This marks a 2.6 percent increase over the previous annual record for worldwide military expenditures in 2017.

Most notably, US military spending increased by 4.6 percent in 2018, to $649 billion, the first annual US spending hike recorded by SIPRI since 2011. This trend is set to continue, with President Donald Trump having signed a $686 billion budget for 2019 and requesting $718 billion for the Pentagon in 2020. The Congressional Budget Office projects that if current funding trends continue, the US will spend $7 trillion on its military over the next decade, equivalent to the amount which will be spent on education, infrastructure and public health programs combined.

via Global military spending tops $1.8 trillion, highest on record – World Socialist Web Site