Combined military expenditures of China and Russia now exceed the United States

Two years ago on this site, we raised the alarm that if drastic measures were not taken in short order, the combined military expenditures of China and Russia would shortly overtake that of the United States. That day has arrived. As we noted in our previous article: Comparing military spending among major powers using a common U.S. dollar metric is simply economic nonsense.  Given that adversaries such as China and Russia, among others, have massive in-house arms manufacturing capabilities as well as expend great resources on indigenous operations and maintenance requirements, the correct means of comparison is on a purchasing power parity (PPP) basis. On this datum, and using military spending data from SIPRI [Stockholm International Peace Research Institute] and economic data from the IMF, the results should give pause to those in the West who believe we hold a major spending advantage.  In 2015, the U.S. spent $596 billion in international dollars...(Read Full Post)