The US spends the most money in the world for military purposes. For 2024, Biden approved a defense budget of 886 billion dollars.
There were two major peaks of defense spending in the 20th century: World War I and World War II. At the beginning of the 20th century, defense spending averaged about one percent of GDP. Then it spiked to 22 percent at the end of World War I and 41% during World War II.
After World War II, the military budget decreased. During the Vietnam War, it reached 10% of GDP. The US spent 168 billion dollars (one trillion dollars in recent years) in this war. After the Vietnam War, it gradually decreased. In the War on Terror in 2001, it started to increase again. During the Iraq War, it was 5.6 percent of GDP.
In recent times, China and Russia are the major rivals of the US. The US is once again witnessing an increase in military spending to protect its interests and allies
around the world. The US is apparently not involved in any war, but is still experiencing a massive increase in defense spending.
US President Biden has approved an 886 billion defense budget for the year 2024.
Join us on Facebook
Join us on X