Wilkerson, Chad R.; Williams, Megan D. - In: Economic Review (2008) Q II, pp. 49-79
In 2007, the United States spent over $650 billion on national defense. Even after adjusting for inflation, this was the largest annual amount since 1945, surpassing previous post-World War II peaks reached during the Korean, Vietnam, and Cold wars. Defense spending has risen steadily this...