The U.S. spends $841.9 billion a year on defense – more than half of all federal discretionary spending. In raw dollars, it is near a historic high. But as a share of GDP, we are actually spending proportionally less than at almost any point since World War II, even as the threats we face have grown more complex.

The harder question is whether we are spending it well. Major defense programs routinely run over cost and behind schedule – delivery times have grown from 10 to 12 years since 2020 alone. Five contractors receive one-third of all Pentagon contract dollars. The shipbuilding industry will be short 330,000 welders by 2028. The money is there. The results are uneven.

 What: No Labels Fiscal Series Call on The Pentagon
Location: Via Zoom (link on confirmation page)
Date: Thursday, May 14
Time: 4:00 PM ET