deficits

US Military Budget

I was arguing about military spending with some friends and wanted to verify numbers. My basic point was that US military spending almost matches what the rest of the world spends. We are at 43% of worldwide expenditures. The US and NATO account for 2/3 of the world’s military spending. China spends 1/8 what the US does and 1/12 what the US+NATO spend.
Iran’s annual budget is less then the US spends in 3 weeks in just Iraq and Afghanistan. China’s military budget would only finance 6 months of Iraq and Afghanistan.
This graph is the comparison between the US 2008 budget and the rest of the world from Center for Arms Control:
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From Laicie Olson at the Center for Arms Control is this graph showing US military spending over the past 10 years. These are expressed in constant 2010 dollars. The budget has increased since 2001 to 2011 by 67%. US GDP (Gross Domestic Product) has increased 18% in that time period $13.2T vs $11.3T from forcasts.or
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Budget Deficits

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Here’s how future US budget deficits are apportioned to various legislation and events from Center on Budget and Policy Priorities. Remember, the budget for 2000 was in surplus; in 2009 the deficit was $1.4 trillion. It’s not the stimulus spending that dominates deficit spending.
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In the meantime, employment is still terrible. If the employment rate stayed at the same rate as 1999 67.1% then there are four million fewer jobs then 10 years ago. That’s a lot of unhappy people.

The Politics in Deficits and Taxes

As we listen to Republicans complain about the federal deficit here’s some info about how that debt was created (this was from 2008):
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And are we really placing a heavy burden on the rich?
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