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Defense spending

A chart in the WSJ today showed that defense spending is at 4% of the GDP. It was above 5% in 1990 according to OMB, then went down to 3% 1999-2001, then rose to 4% 2004-2007 (I'm reading the chart; didn't see the numbers in the article). In Bush's budget predictions it should go up--I'm not sure if that is in spending, or because revenues will be down when the Democrats increase taxes. During the Korean War defense spending was 14% of GDP, and 9.5% during the VietNam War, and 6% during the Reagan years as noted in Bret Stephens article on Declinism. He notes that within a few years of the Reagan military build-up the Soviet Union collapsed. Europe and Japan with virtually no military costs during the same time period entered a period of economic stagnation.

Hand wringing over how Europeans and Asians see us is a politicians' hunt for fools gold, he says. Watch for a new book by Fred Kaplan, another author getting paid for predicting America's decline. They've been quite popular during the Bush administration and will probably drop off if a Democrat is elected, even if nothing changes globally. These declinism books are a bit like the anti-war movies these days. Do they sell--I mean to anyone but public libraries, who love this stuff.