The United States and its Group of Seven (G7) allies are facing increased defense spending challenges amid rising global tensions. Bloomberg anticipates that to effectively meet these challenges, the G7 nations may need to allocate 4% of their GDP to defense over the next decade, amounting to an additional $1 trillion annually over current expenditures. This comes as European NATO members are set to meet their 2% GDP defense spending target this year, a goal met partly due to higher spending by more vulnerable states. Meanwhile, experts argue that the U.S. must also restore its high-tech defense R&D to levels seen during the Reagan administration, which would require an additional $170 billion, as current spending is deemed insufficient in maintaining a balance with China.
"The UK spends a lot on defence, but not wisely and it will not be enough for tomorrowโs security needs," explains @robfox45 Read more: https://t.co/a6liUSWsFA https://t.co/tM0oXxDyXn
2 years into Russia's Invasion of Ukraine, & Canada still has no plan to meet it's NATO commitment to spend 2% of GDP on defence. Last week, National Defence ๐จ๐ฆ (DND) released a defence policy update, projecting spending of only 1.76% by FY29. And what about 155mms? ๐งต 1/37 https://t.co/iBHxzF9Hvc
Iโve got bad news for the republicans fighting against spending on Ukraine. We are only spending 3.5% of GDP on national defense. The least we have ever spent is 3% of GDP about 10yrs after the wall fell. During the Cold War, it was 6.5%-9% of GDP. Peak WWII spending +46% of GDP https://t.co/jv9CfQTuhk
Bloomberg anticipates it would cost 4% of GDP spent on defense over the next 10 years to meet all the threats the G7 nations face today (link in thread). Thatโs $20 Trillion. Should we spend that amount of money?
Until we restore high-tech defense R&D to Reagan levels, everything we say about the military balance with China is self-serving copium. That's about 0.6% of GDP, or $170 billion, that we're short. Who cares how many 155mm shells or Patriot missiles we send to Ukraine or Taiwan?โฆ https://t.co/ioXyBeEj96
As @jensstoltenberg recently announced, European @NATO members finally will collectively meet the 2% spending target this year. But that is only because some particularly vulnerable states spend more than their quota, cautions @ianbremmer. https://t.co/jUUXV9YBg5
Basically, this is saying if we are entering a new cold war we - the US and the "Group of Seven" allies - will likely need to spend 4% of GDP on defense to meet the challenges we face. Or $1 Trillion a year for the next 10 years OVER what we are already spending. ๐ณ 1/3 https://t.co/2ZPtZzZvbE