The Pentagon. DoD photo by Tech. Sgt. Andy Dunaway, U.S. Air Force
U.S. Defense Spending Fell At The Fastest Rate In 40 Years -- Business Insider
We've mentioned a few times today that GDP went negative primarily because of the big drop in defense spending.
But we didn't realize just how historic the drop was.
JPMorgan economist Michael Feroli put it in context. The defense spending drop happened at the fastest pace in 40 years. As you can see in the chart below, the last time we had a faster drop was in 1972.
Read more ....
MILITARY AND INTELLIGENCE NEWS BRIEFS
NATO Chief to Warn Defense Cuts Could Endanger Alliance's Power -- Reuters
Canada Budget Cuts Cleave Deepest in Army -- Defense News
UK unveils £159 billion defence equipment plan, but doubts remain -- Reuters
David Cameron 'to keep defence equipment spending pledge' -- BBC
Australian Defence Force to sell off thousands of vehicles and other war equipment -- Herald Sun
China preparing to win high intensity military ops -- Zee News
Top Court Rejects Call to Close Airbase in Central Russia -- RIA Novosti
Was the Mistral a Bad Deal for Russia? -- Information Dissemination
Iran Navy Starts 3-Day Drills in Persian Gulf -- RIA Novosti
Bundestag extends German military mission in Afghanistan -- Deutsche Welle
Congressional Watchdog Questions Size of Afghan Forces -- Defense News
ASD Mike Sheehan: Yemen, Somalia Are Models For Mali; Afghans Should Watch -- Sydney J. Freedberg Jr., Aol Defense
Special Ops Command South Presses for Increased Engagement -- US Department of Defense
Pentagon Increases Focus on AFRICOM -- Defense News
Sales of F-35 fighters to Israel could violate Japan's export ban -- Asahi Shimbun
Navy Under Secretary not worried about F-35B grounding -- Defense Tech
Reduced F-35 performance specifications may have significant operational impact -- Flight Global
Faulty F-35 fuel lines to be scanned in U.S. instead of Britain -- Reuters
100th F-35 On Lockheed Martin’s Production Line -- Lockheed Martin
Littoral Combat Ships- How not to buy ships -- Bring the heat. Bring the Stupid.
LCS - A History Lesson in Failed Execution -- Information Dissemination
Back to the Future with Cargo Airship -- Defense Tech
Smartphone to hold integrated warrior gear -- Space Daily/UPI
U.S. military contracts for linguists -- UPI
7 Big Defense Companies With Big Transparency Problems -- Danger Room
Automatic defense cuts called ‘more likely than unlikely’ -- Stars and Stripes/Bloomberg
Council Worries 100K Shipbuilding Jobs At Risk; Sequestration Killed GDP Growth -- Aol Defense
Hagel: Sequester cuts would devastate military -- Navy Times
Next Pentagon Chief Doesn’t Want to Get Sucked Into France’s Mali War -- Danger Room
Republican Hagel faces GOP critics at hearing -- AP
Hagel to face grilling by Senate panel on Mideast, budget -- Reuters
White House on offensive to get Hagel as defense secretary -- Reuters
For Defense Sector, Americans’ Support for Military Cuts Is an Inconvenient Truth -- Defense News
Military judge rejects defense arguments in Fort Hood shooting case -- Reuters
Even After Lackland Scandal, Military Still Isn’t Fixing Its Sexual Abuse Epidemic -- Danger Room
GAO: Military lack guidance on responding to sex assaults -- Stars and Stripes/Washington Post
Science Fiction and Fantasy Authors Who Served in the Military, and How it Changed Their Work -- io9
Defense cuts that need to be avoided -- Washington Post editorial
Pentagon's budget nightmare: How each branch would handle sequester cuts -- Christian Science Monitor
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