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House GOP Unveils Budget With Trillions in Cuts to Medicaid, Food Benefits, and More
(www.commondreams.org)
this post was submitted on 19 Sep 2023
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Politics
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We only spend about 3% of our gdp on defense. That’s below most other countries. We are obligated to spend at least 2% due to treaty obligations.
Only? The US accounts for 40% of all military spending in the world. We are at nearly 3 times second place, China, $876 billion to $290 billion. Considering the US has the most billionaires and compilation of billionaire wealth, I really don't think GDP is the great earmark you are portraying it as.
And? We only have the largest gdp and a professional army.
GDP is the standard used.
Look at Ukraine and you will see the money has been well spent. A small country has been able to fight off a previous super power for over a year.
That’s only with a 3% spend. So I fully support the military as it also paid for my education.
GDP isn’t the end-all be-all for economic performance. Consider that real estate also contributes to GDP, and we have been getting some fucking expensive housing in recent years. It doesn’t equate to more money, so it’s effectively padding our GDP. All GDP does is give a rough estimation of how much a country is valued at best, and at worst it’s a padding game to show who has the biggest number.
If you want a good indicator for how well a country is doing economically, CPI is a better start than GDP - which, by the way, China is fucking decimating the US in that regard. Their reported CPI is around 100 points while the US is at around 300 points. You generally want lower CPI as it indicates inflation if it’s super high like the US.