"The Federal Reserve Bank of St. Louis published a jaw-droppingly misleading graph that portrays China as spending more on its military than the US. In reality, the Pentagonโs budget is roughly three times larger."
No wonder financial crises love the US.๐คฃ
geopoliticaleconomy.com
No wonder financial crises love the US.๐คฃ
geopoliticaleconomy.com
Michael P. McDonald, a professor of political science at the University of Florida, quipped, โIf theyโre willing to put this out, just imagine the internal analyses the Fed conducts to manage the economyโ.
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In an accompanying report, the St. Louis Fed admitted that Chinaโs 2021 defense spending was just 1.7% of GDP, โwhich was the lowest share among the six nations in the figureโ.
... has stayed very consistent since the early 1990s, with no increases.
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... has stayed very consistent since the early 1990s, with no increases.
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A much more accurate graphic created by the Peter G. Peterson Foundation shows how, as of 2022, the United States spent more on its military than the next nine largest spenders combined โ including ๐จ๐ณ๐ฎ๐ณ๐ฌ๐ง๐ท๐บ ๐ซ๐ท ๐ฉ๐ช ๐ธ๐ฆ๐ฏ๐ต๐ฐ๐ท (and several of these countries are close ๐บ๐ธ allies).
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