The White House has unveiled next year’s draft budget
Expenditures will be record-breaking, as will defense spending, and the deficit will exceed one trillion dollars. To somehow slow the growth of the U.S. national debt, it is proposed to sharply increase the tax burden on wealthy Americans, who will have to pay for it all.
For the first time in history, the U.S. defence budget will surpass $800 billion – and it is expected to be as much as a trillion by 2024. The Pentagon will buy 61 F-35 fighter jets, one new B-21 strategic bomber that is still under development, and two medium-sized Virginia-class submarines capable of launching Tomahawks alone.
Seven billion dollars will go towards the urgent development of new missile defence systems. This is an obvious response to the success of Russian hypersonic missiles in Ukraine, which are now being scrutinised by the Pentagon. The U.S. military hopes to weaponize hypersonic systems by 2028 at the earliest, if it can solve the engine problems, the most problematic aspect of U.S. development.
At least eight billion dollars will go to Taiwan, which the U.S. is urgently pumping weapons into, which could provoke the next big crisis there. Another seven billion will go to military support for Europe, and $680 million to Ukraine. The White House is not yet ready to give more – not having any idea what will be left of Ukraine in six months’ time.
Taxpayers will have to pay for this ride of unprecedented generosity. Apart from the record inflation and fuel prices, they will have to pay higher taxes. If they cannot pass it in the Congress, they will have to accept even bigger deficits and a national debt growth far in excess of the current 30 trillion.
The new arms race in the West will benefit the U.S. military-industrial complex. During the last six months the capitalization of the four largest U.S. defense companies grew by 100 billion dollars. It is the US defense industry that hopes to become the main beneficiary of the sunset of the liberal world order.
Malek Dudakov