President Joe Biden signed a record-shattering military budget earlier this week, and a new analysis published Thursday predicted that if recent contracting trends continue, the Pentagon will funnel $407 billion worth of public funds to private weapons makers this fiscal year—more than the federal government spent when sending $1,400 relief checks to most Americans in 2021.
Stephen Semler, co-founder of the Security Policy Reform Institute, found that “from fiscal year (FY) 2002 to FY2021, 55% of all Pentagon spending went to private sector military contractors.”
“If the privatization of funds rate over the last 20 years holds,” Semler noted, “it means [the] military industry will get about $407 billion from Biden’s first military budget—$16 billion more than the $391 billion those $1,400 stimulus checks cost the government earlier this year.”
The National Defense Authorization Act for FY2022 was passed with broad bipartisan support earlier this month in the House, where the margin was 363-70, and in the Senate, where the vote was 88-11. By signing the bill into law on Monday, Biden approved a record-high $778 billion military budget.
In fact, lawmakers in the House and the Senate added $25 billion—which happens to be the amount of funding that progressive advocacy group Public Citizen says is necessary to ramp up vaccine manufacturing to inoculate the world against Covid-19—on top of the already gargantuan $753 billion military budget requested by Biden back in May.
Semler’s calculations are based on the Pentagon’s $740 billion “base” budget—that is, the money allocated strictly to the Defense Department and not the additional $38 billion worth of “nuclear funding from the Energy Department or funding from elsewhere, even though that stuff is rightly considered military spending, too,” he pointed out.