The Recession That Didn’t Bark | GoodFellows: John Cochrane, Niall Ferguson, H. R. McMaster | Hoover Institution
GoodFellows: Conversations from the Hoover Institution
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The US Defense Budget Is Squeezed
We're in a historic low in defense as a share of GDP. And that's big an issue because defense is cheap HR and his buddies are cost us, you know, 3% of GDP per year. But the DODs building plans don't make that feasible for decades perhaps until the 2050s. Meanwhile, under China's more autocratic less bureaucratic system the PLA Navy passed the US Navy in fleet size around 2020 now has around 340 warships and is expected to grow to 400 ships by 2025.
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