World Military Spending Zooms to $1.6T Record
United States' $698B six times higher than No. 2 China
By Mark Russell, Newser Staff
Posted Apr 11, 2011 3:03 AM CDT
World military spending increased 1.3% last year, with the United States reaching $698 billion.   (AP Photo/Yonhap, Jo Jung-ho)

(Newser) – Global military spending hit a new high last year, inching up 1.3% to reach a staggering $1.6 trillion, according to a Swedish think tank. The increase itself, however, is one of the lower hikes in years, a slowdown caused by the economic crisis in many Western nations. US military spending rose 2.8%, reaching $698 billion, a significant climb, but well below 2009's increase of 7.7%. All told, US military spending has soared 81% since 2001, and now accounts for 4.8% of America's GDP.

In contrast, spending in Europe fell 2.8% to $382 billion. "In many cases, the falls or slower increases represent a delayed reaction to the global financial and economic crisis that broke in 2008," wrote the Stockholm International Peace Research Institute in a statement. China is the No. 2 country for military spending, but expenditures still amount to just one-sixth what the US spends. For the full story, check out the Reuters report.

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Sir_Cancelout
Apr 11, 2011 7:47 PM CDT
[Please refer to the beginning of the thread to fully understand the context of this post] "HOPEY" [" hopeandchange "] I found it interesting and amusing (to say the least) that you accuse me of having my "head [in] Obama's butt." It prompted me to perform a little research! I started posting here at NEWSER on December 2, 2010 . A review of my "COMMENTS" history will show that I've entered approximately 38 POSTS that invoke the name "OBAMA." It also shows that I have only commented on about 12 STORIES in which the name "OBAMA" appears in the headline. I invite you and other readers, "HOPEY," to compare MY "COMMENTS" history on the subject of "OBAMA" with YOURS during the same period of time--December 2, 2010, to the present! You (and other readers if they are interested) will discover that since December 2, 2010-- THE SAME LENGTH OF TIME THAT I HAVE BEEN POSTING --that you have entered no less than 81 POSTS which invoke the name "OBAMA," and have commented on no less than 53 STORIES in which the name "OBAMA" appears! So what can we conclude from this analysis, "HOPEY"!? Is it that I'm " IN " Obama's butt, as you put it......or is it that you're " ON " Obama's butt !!!????
Even-Steven
Apr 11, 2011 2:02 PM CDT
Damn you Bush and your evil cronies!!!!....... oh wait, you're telling me he isn't President anymore? Hmmmm........
tomodachi
Apr 11, 2011 7:14 AM CDT
The war machine industry sleeps with our so-called "public servants" giving them preferential legislation as well as unfettered access to our tax revenues. Both parties, republicans and democrats are wasting our hard earned money like there is no end to the source of it. And the people who are being burdened with financial servitude? They just keep letting it happen. The two party system is badly broken and needs to be fixed. The desires of corporations and special interest groups are placed well above the needs of the people. We must fundamentally change the way our government writes legislation and disburses our money. National elections must have all campaign money removed from the election process... and lobbyists and special interests groups must be greatly restricted from legislators.