"despite the economic downturn.... governments spent a record $1.46 trillion on upgrading their armed forces.... booming from the wars in Iraq and Afghanistan.... few signs of suffering from the crisis"
That should make you feel better, 'eh, American taxpayers?
"Global arms spending hit $1.46 trillion" by Associated Press | June 9, 2009
STOCKHOLM - World governments spent a record $1.46 trillion on upgrading their armed forces last year despite the economic downturn....
Global military spending was 4 percent higher than in 2007 and up 45 percent from a decade ago, the Stockholm International Peace Research Institute, or SIPRI, said in its annual report.
"So far the global arms industry, booming from the wars in Iraq and Afghanistan and from spending increases by many developing countries, has shown few signs of suffering from the crisis," SIPRI said....
It also noted US arms purchases - by far the highest in the world - were expected to rise less rapidly under President Obama after sharp growth during the Bush administration.
US military spending increased nearly 10 percent in 2008 to $607 billion and accounted for about 42 percent of global arms spending, SIPRI said.
The United States was followed for the first time by China, which increased its military spending by 10 percent to an estimated $84.9 billion.
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