Meanwhile China and Russia are ramping up
, America spends more on its armed forces than the next ten countries combined. But when comparing military budgets, nominal values can only say so much. Defence spending is about bang for the buck—and a dollar goes further in some places than in others. To get around this,estimates on military spending by the Stockholm International Peace Research Institute , a think-tank, for military purchasing-power parity , with help from Peter Robertson, a researcher.
America’s defence budget has, on average, increased by 2% every year since 2012; when adjusted for inflation, it is down by 6%. But even measured against the former, America’s global share of spending is waning. In dollar terms, it has gone from 46% of the world total in 2012, to about 38% last year, a drop in share of around one-fifth. Adjusted for military PPP, its spending has gone from 30% to 21% over the same interval, a reduction of nearly one-third.
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