Military Might

It's worth taking a look at military budgets from time to time. It seems that the news is dominated by the fear of China military and the extraordinary rise in the defense budget. Have a look at the DoD budget below. Within seven years it will have risen to $481.4 billion. That's 62 percent. And btw the almost Norway's and Denmark's GDP combined (Source: The Economist: Pocket World in Figures. 2007 Edition).

The President’s 2008 Budget:

• Provides $481.4 billion for the Department of Defense’s base budget—a 62-percent increase over 2001—to ensure a high level of military readiness as the Department develops capabilities to meet future threats, defends the homeland, and supports the all-volunteer force and their families;
• Supports operations in the Global War on Terror by providing an additional $93.4 billion in supplemental funds for 2007 and $141.7 billion for 2008, including funds to accelerate efforts to train and equip Iraqi and Afghan Security Forces;
• Continues ground force modernization and the expansion of Special Operations Forces;
• Enhances missile defense capabilities by adding additional interceptor missiles and sites to expand coverage against new threats;
• Provides a 3.0-percent increase in basic military and civilian pay; and
• Aligns military health care premiums and copayments for retirees under 65 years of age with general health insurance plans.