24/7 Wall St: “The United States spent $611 billion on its military last year, up slightly from about $596 billion the year prior. American military spending dwarfs that of every other nation in the world.. Second-place China spent barely one-third as much on its armed forces. While it will not likely be surpassed any time soon, U.S. military spending has declined by about 5% over the past decade. Meanwhile, China, Russia, and other major powers have substantially increased spending — China’s spending is up by 118% over the same period…”

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