Crunching the numbers on Romney’s defense spending plan
- $2 trillion added to Defense budget under Romney proposal source
- currently Defense spending is roughly equivalent to 3.5 percent of the United States’ average GDP. Romney’s been critical of the Obama Administration’s plan to cut $487 billion in spending over the course of the next ten years.
- new plan Romney’s proposal calls for tying the Pentagon spending to the nation’s GDP, and guaranteeing a budget equal to 4% of GDP. To meet that goal, defense spending would have to increase by $100 billion in 2013. source
» And that’s just the low-end estimates. Analysts estimate that a gradual increase in the Pentagon’s budget to 4% of GDP would cost the United States roughly $2.1 trillion over the next decade. Should Romney win the election, and immediately push spending up to 4%, the subsequent spending could cost an additional $200 billion or more. While Romney is hardly the first to suggest such a plan, with past notable proponents including former Secretary of Defense Robert Gates, some have been quick to condemn any plan tying the budget to GDP in any way. “GDP rises and falls. Do you really want your defense budget falling in a recession?” said Center for Strategic and Budgetary Assessments’ Todd Harrison, adding, “spending should be determined by the security environment — not the size of your economy.”