Global Military Spending Expected to Exceed $One Trillion this year
Thursday, August 19, 2004 at 07:08AM
TheSpook
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Acording to a group
of U.N.-appointed military experts, global military spending is threatening to
break the one trillion dollar barrier this year. The 16-member group estimates that
military spending will rise to nearly 950 billion dollars by the end of
2004, up from 900 billion dollars in 2003. By contrast, rich nations
spend 50-60 billion dollars on development aid each year. The 2004
estimates would be ''substantially higher if the costs of the major
armed conflicts in Afghanistan and Iraq were included'', the experts
say in a 30-page report released here. The U.S. Congress has authorised
spending of about 25 billion dollars for Afghanistan and Iraq in 2004,
but that is expected to more than double by the end of the year. U.S.
Deputy Defence Secretary Paul Wolfowitz told the Senate in May that war
spending in Afghanistan and Iraq was approaching about five billion
dollars a month. He predicted that total costs for 2005 would be 50-60
billion dollars. ''At a time when global poverty eradication and
development goals are not being met due to a shortfall of necessary
funds, rising global military expenditure is a disturbing trend,''
warns the U.N. study. [more ]
Article originally appeared on (http://brownwatch.com/).
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