Defense spending in 2027 is projected to be the highest since WWII, inflation adjusted

Annual defense spending, constant 2025 US dollars

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Sources: OMB, Historical Tables, FY 2027, Table 6.1 (2026); Author's calculations

Note: To normalize the projection to 2025 US dollars, the 2026 CPI is from the first quarter of 2025 to the first quarter of 2026, and the 2027 CPI is the 2026 rate of inflation (2.7%), resulting in the CPI₂₀₂₇ = 339.8