Eight NATO countries did not meet their 2% target for defense spending in 2024. And as many member states struggle with chronically stressed budgets, calls to meet those goals are not being heeded quickly.
They have the US to lean on for their defense.
There is no more stressed budget than the US’s budget. We owe over $36 trillion and are heading for $50 trillion. Our debt interest payments are far more than the defense budget and grow daily.
The European Commission estimates that about 500 billion euros, the equivalent of $524 billion in investments, will be needed in the coming decade to defend Europe against evolving threats.
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Debt
The EU’s budget cannot be used to fund defense directly, and some European officials and NATO experts are proposing a global defense bank to dole out funds for military modernization. It would issue bonds backed by AAA ratings and offer guarantees for banks to offer credit to defense suppliers.
In other words, they want to borrow to fund defense. Borrowing is what put the US in a bind.
“This is not a substitute for raising defense spending in each of these countries. I think it should be a supplemental tool,” Giedrimas Jeglinskas, chairman of the national security committee in the Lithuanian parliament and a former NATO official, told Fox News Digital.
The United States’ $824 billion defense budget in 2023 equaled half of total defense spending by all NATO member states combined at $1.47 trillion.
Russian President Putin wants to negotiate with President Donald Trump. Besides Trump, who is interested in peace?
Excellent rant by Neil Oliver:
"There's a war on, a war on humanity… The declared aim of the war is to force all of us to accept less."
"The so-called elites of the World Economic Forum pontificate about how all the control in the world ought to be in their hands, the hands… pic.twitter.com/XVwACIDATU
— Wide Awake Media (@wideawake_media) December 29, 2024
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