Does the US really need to spend $800bn on its military?
President Biden is expected to ask Congress for a record-shattering military budget for the fiscal year 2023 that will exceed $770 billion and could reach $800 billion, according to a Reuters report on Wednesday, which cited anonymous sources.
While the story has yet to be confirmed, there are many reasons to believe its veracity – and it raises serious questions about the country’s direction.
For starters, American military contractors, who are among the most influential lobbyists in Congress and have a revolving door with the US government, anticipate this will be the case. Just look at what some powerful people in the industry have already said publicly.
James Taiclet, CEO of Lockheed Martin, told investors in a quarterly earnings call on January 25 that “there’s renewed great power competition that does include national defense and threats to it,” mentioning that his company needs to be able to meet the demand for what he expects will be higher defense spending in the future.
Raytheon CEO Greg Hayes went a step further on his earnings call the same day. He said that his company is seeing “opportunities for international sales” from conflicts around the world, meaning more defense spending from both America and other countries.