Monday, 29 October 2012

U.S. Defense Spending in Q3-12 increases 3.3%

U.S. National Defense Consumption Expenditures & Gross Investment for the quarter ending September 2012 increased 3.3% (USD 26.8 billion) quarter-on-quarter according to GDP data released on Friday. The increase defense spending represented 14.1% of the USD 190.1 billion growth in GDP for the quarter. On a rolling four quarter basis, the U.S. spent USD 3,261.60 billion on national defense, amongst the highest ever reported and making up 5.25% of  nominal GDP for the period. Call it whatever you want (e.g. Keynesian economics), but the fact remains the U.S. cannot afford such massive spending on defense given the dire economic situation the country's leaders have brought the country into (see here for more on this).


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