The Stockholm International Peace Research Institute’s data shows that Washington spends three times as much on its military than China, the second-largest spender, Ashik Siddique reports.
US Spends 3 Times More Than China
and 10 Times More than Russia; Rest of World Spends $363bn Less Than US
By Ashik Siddique
National Priorities Project
World military spending reached a new record high of $2.24 trillion in 2022, according to new data published by the Stockholm International Peace Research Institute (SIPRI).
That’s up 3.7 percent since the previous year, including the steepest increase among European nations since the end of the Cold War over 30 years ago.
The United States remains the world’s largest military spender by far, with its $877 billion representing 39 percent of global military spending. That’s three times as much as the second largest spender, China, which spent $292 billion in 2022. And it’s about 10 times as much as the next largest spender, Russia, which spent about $86 billion in the same year.
U.S. spending is more than the next 10 countries combined, more than last year when it was larger than the next nine. Many of these next 10 countries are geopolitically aligned with the U.S. — including Ukraine, which had the highest single-year increase in military spending SIPRI has ever recorded, rising 640 percent to $44 billion since Russia invaded.
U.S. military aid to Ukraine amounted to $19.9 billion in 2022, but this was only 2.3 percent of total U.S. military spending. Military spending by NATO members, including the U.S., totalled $1.232 trillion in 2022, up 0.9 percent since 2021.
Meanwhile, basic needs continue to go unmet for hundreds of millions of people around the world. The climate crisis continues to wreak havoc, and the U.S. has barely begun to address its historical responsibility in contributing to global fossil fuel emissions. The nations of the world are dangerously unprepared to secure our collective planetary future.
The full U.S. military budget is much more than the $514 billion spent by the rest of the world’s 144 nations combined. That’s a difference of $363 billion, which would be enough to fund solar power for nearly every household in the U.S. for 10 years.
That difference of $363 billion would be enough to fund 43 million public housing units — more than the 38 million people displaced as refugees in the post-9/11 wars waged by the U.S. over the past two decades.
Just 10 percent of the U.S. military budget would go a long way toward meeting any number of societal needs.
It’s worth noting that it’s not inevitable for countries to keep perpetually increasing their military budgets — a number of large nations, like Nigeria and Turkey, have significantly decreased military spending in the past year.
Over-investment in the military is a major cause of the crises we face today. But it’s possible to reinvest in real solutions and begin to repair the harm caused by many decades of war.
Ashik Siddique is a research analyst for the National Priorities Project at the Institute for Policy Studies.
This article is from Common Dreams.
The views expressed in this article and may or may not reflect those of Consortium News.