this post was submitted on 04 Aug 2023
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Україна Ukraine

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Russia has doubled its defense spending plan for 2023 to more than $100 billion, which makes up one-third of all public expenditures, Reuters reported on Aug. 4.

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[–] okamiueru 8 points 1 year ago

"Defense" spending.

[–] camelCaseGuy 5 points 1 year ago (1 children)
[–] [email protected] 1 points 1 year ago* (last edited 1 year ago)

It's deficit spending. From earlier in the year:

https://www.reuters.com/markets/europe/russia-swings-29-bln-first-quarter-budget-deficit-2023-04-07/

Russia swings to $29 bln first-quarter budget deficit

Russia's plan currently envisages debt issuance through OFZ treasury bonds of 2.5 trillion roubles, with another 1 trillion in borrowing permitted to replace spending from the National Wealth Fund.

The widening deficit means the corporate tax burden is very likely to rise in coming years, said Alfa Bank Chief Economist Natalia Orlova.

"The large budget deficit...increases nervousness on the market in relation to the price that geopolitical tensions are costing, and requires efforts directed at improving budget revenues," she said.

[–] [email protected] 4 points 1 year ago

They could just burn the money and have the same effect... Except then they wouldn't hurt other people with it.

[–] Ddhuud 1 points 1 year ago (1 children)

1/3? About the same proportion as America

[–] [email protected] 1 points 1 year ago* (last edited 1 year ago)

googles

https://upload.wikimedia.org/wikipedia/commons/1/16/2020_Total_US_Government_Spending_Breakdown.png

This has the US at 10% of government spending.

Though if you measure in absolute dollar terms, the US will be larger due to a larger economy.

Russia has doubled its defense spending plan for 2023 to more than $100 billion

https://www.cnn.com/2023/07/27/politics/senate-ndaa-vote/index.html

The Senate bill sets a topline national defense funding level of $886 billion