Tuesday, January 8, 2013

The chart of the day...

...is from the Peter G. Peterson Foundation (my emphasis):

We currently spend more on defense than the next 13 countries combined. Defense spending accounts for about 20 percent of all federal spending — nearly as much as Social Security, or the combined spending for Medicare and Medicaid. The sheer size of the defense budget — $680 billion in the current fiscal year — suggests that it should be part of any serious effort to address America's long-term fiscal challenges. National security threats have evolved over the past 50 years, changing the nature of U.S. commitments around the world. We need a defense budget that matches these new security challenges, not the threats of the last century.

The Defense budget has almost doubled in real terms in the last ten years. That's why President Obama nominated Sen. Chuck Hagel for secretary of Defense. His job will be to cut that down to size. And that's why defense contractors Republican senators oppose him.

The rest of it is all baloney.

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