The US spends 4.8% of its GDP on its military. That is nuts.
Consider the twenty-seven non-US NATO countries[1] and two important non-NATO allies of the US: Australia and Japan. Look at how much of their GDPs those twenty-nine countries spend, on average, on their militaries:
--> The non-US NATO members plus Australia and Japan spend 1.5% of their GDPs on their militaries.
--> All but one (96.96%) of those twenty-nine countries[2] spend half or less of their GDPs on their militaries than the 4.8% of its GDP which the US spends on its military.
--> Eighteen (62.1%) of those twenty-nine countries[3] spend one third or less of their GDPs on their militaries than the 4.8% of its GDP which the US spends on its military.
--> Eight (27.6%) of those twenty-nine countries[4] spend one fourth or less of their GDPs on their militaries than the 4.8% of its GDP which the US spends on its military.
One would be wrong.
--> The fifteen of those twenty-nine countries[5] whose per capita GDPs are at least half of the US's per capita GDP spend, on average, the same 1.5% of their GDPs on their militaries as do all twenty-nine of those countries combined.
--> The twelve of those twenty-nine countries[6] whose per capita GDPs are at least three fourths of the US's per capita GDP spend, on average, even less of their GDPs on their militaries: 1.4%.
--> Even the six of those twenty-nine countries[7] whose per capita GDPs are greater than the US's per capita GDP likewise spend, on average, only 1.4% of their GDPs on their militaries.
One would be wrong.
--> In order to match the US's military spending, Russia would have to increase its military spending from 3.9% of its GDP to 10.0% of its GDP.
--> In order to match the military spending of the twenty-nine countries -- the twenty-seven non-US NATO countries plus Australia and Japan -- Russia would have to increase its military spending from 3.9% of its GDP to 18.3% of its GDP.
Obviously, we are not going to get there immediately. But the faster we get there, the more money we will save:
If we reduce our annual military spending by a mere 5% of $474,094 million ($23,704.7 million; only 3.4375% of the $689,591 million total), we will reach the annual target of $215,497 million in twenty years . At the end of the first ten of those twenty years, we will have saved more than $1.3 trillion. At the end of those twenty years, we will have saved just shy of $5 trillion.
If we reduce our annual military spending by a mere 10% of $474,094 million ($47,409.4 million; only 6.875% of the $689,591 million total), we will reach the annual target of $215,497 million in ten years. At the end of those ten years, we will have saved more than $2.6 trillion. If we remain at that target level for the next ten years, at the end of those twenty years, we will have saved just shy of $10 trillion.
If we reduce our annual military spending by a marginally reasonable 15% of $474,094 million ($71,114.1 million; 10.3125% of the $689,591 million total), we will reach the annual target of $215,497 million during the seventh year. At the end of those seven years, we will have saved just shy of $2 trillion. If we remain at that target level for the next three years, at the end of those ten years, we will have saved just shy of $4 trillion. If we remain at that target level for ten years after that, at the end of those twenty years, we will have saved just shy of $15 trillion.
If we reduce our annual military spending by a somewhat more reasonable 20% of $474,094 million ($94,818.8 million; 13.75% of the $689,591 million total), we will reach the annual target of $215,497 in five years. At the end of those five years, we will have saved more than $1.4 trillion. If we remain at that target level for the next five years, at the end of those ten years, we will have saved more than $5.2 trillion. If we remain at that target level for ten years after that, at the end of those twenty years, we will have saved just shy of $20 trillion.
If we reduce our annual military spending by an entirely reasonable 25% of $474,094 million ($118,523.5 million; 17.1875% of the $689,591 total), we will reach the annual target in four years. At the end of those four years, we will have saved almost $1.2 trillion. If we remain at that target level for the next six years, at the end of those ten years, we will have saved more than $6.5 trillion. If we remain at that target level for ten years after that, at the end of those twenty years, we will have saved almost $25 trillion.
None of that would be enough to solve our entire debt/deficit problem. But the numbers are not chump change. Savings of almost $1.2 trillion in four years, more than $6.5 trillion in ten years, and almost $25 trillion in twenty years are not chump change. (For that matter, even savings of more than $1.3 trillion over ten years and almost $5 trillion over twenty years are not chump change either.)
If one is serious about debt/deficit reduction, one must include reductions in our bloated military budget. And until we have addressed our bloated military budget (as well as corporate welfare in all its forms), we should not even consider cuts in our social safety net.
2. All except United Kingdom.
3. Albania, Belgium, Canada, Czech Republic, Denmark, Germany, Hungary, Iceland, Japan, Latvia, Lithuania, Luxembourg, Netherlands, Norway, Romania, Slovakia, Slovenia, and Spain.
4. Belgium, Hungary, Iceland, Japan, Latvia, Lithuania, Luxembourg, and Spain.
5. Australia, Belgium, Canada, Denmark, France, Germany, Greece, Iceland, Italy, Japan, Luxembourg, Netherlands, Norway, Spain, and United Kingdom.
6. Australia, Belgium, Canada, Denmark, France, Germany, Iceland, Japan, Luxembourg, Netherlands, Norway, and United Kingdom.
7. Australia, Canada, Denmark, Luxembourg, Netherlands, and Norway.
[Edited to rewrite the entire "So What Should We Do" portion.]