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Defense spending as share of state economies is shrinking

from Stars and Stripes

Defense spending is playing a smaller role in state economies across the U.S. as the military shrinks and budget caps remain in place, the Pentagon said in a new report. The Defense Department spent $418 billion on payroll and contracts in the U.S. between October 2013 and October 2014, or about 2.4 percent of the nation’s gross domestic product, according to the report, released Monday by the Pentagon’s Office of Economic Adjustment. That’s down from the previous year, when the department spent $461 billion, or about 2.4 percent of nationwide GDP. more

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