The economic and budgetary benefits of lower military spending enjoyed by the West since the end of the Cold War look set to dwindle as Russia’s invasion of Ukraine forces the focus back on to defense from Berlin to Washington.
The coming ramp-up in security outlays threatens to crowd out space on already-strained government budgets for politically popular social priorities, and may well lead to higher taxes and bigger deficits.
It might also divert money from more productivity-enhancing areas of the economy, robbing societies of some the resources they’ll need in the future to support aging populations.
“It’s going to ...
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