US military spending now nearly rivals the rest of the world combined. Proof once more that austerity measures are politically-motivated, not economically driven. World military expenditure is estimated to have been $1630 billion in 2010, an increase of 1.3 per cent in real terms:
The Stockholm International Peace Research Institute has a new report out highlighting global military expenditures... the U.S. retains a healthy lead.
Regionally, defense spending in Europe has fallen 2.8 percent while spending in South America has risen by 5.8 percent and in Africa by 5.2 percent. Brazil drove a lot of the South American growth. Asia rose only a modest 1.4 percent, which the Institute said was slower than previous years. Overall, global military expenditures ticked up slightly at 1.3 percent, the slowest growth rate since 2001 (via realclearworld.com)