U.S. military slams ‘unsafe’ Russia fighter jet maneuver near Alaska
NBCOCT 2024
Russia to Increase Defense Spending to Record Amount
Russia to Increase Defense Spending to Record Amount
Above: Russian Pres. Vladimir Putin visits Uralvagonzavod, the country's main tank factory in the Urals, in Nizhny Tagil on February 15, 2024. Image copyright: Alexander Kazakov/Pool/AFP/Contributor via Getty Images
The Spin
Irrespective of whether the war in Ukraine comes to a close or not, the latest budget shows that Russian Pres. Putin is seeking a form of military Keynesianism — enacting excessive spending on defense in the hopes it will revive Russia's fledgling economy.
Russia's budget is well thought-through, taking into consideration all the needs of the state so that every sector is adequately funded to meet the country's needs.
Metaculus Prediction
There's a 50% chance that at least 2.5% of world GDP will be spent on military expenses in 2030, according to the Metaculus prediction community.