No inflation back then huh?
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Wars and the money spent on the Cold War was $5T rather than 'inflation' or just about anything else.
https://watson.brown.edu/costsofwar/costs/economic
Economic Costs
Through Fiscal Year 2019, the United States federal government has spent or obligated $5.9 trillion dollars on the wars in Afghanistan, Pakistan, and Iraq. This figure includes: direct Congressional war appropriations; war-related increases to the Pentagon base budget; veterans care and disability; increases in the homeland security budget; interest payments on direct war borrowing; foreign assistance spending; and estimated future obligations for veterans’ care.
This total omits many other expenses, such as the macroeconomic costs to the US economy; the opportunity costs of not investing war dollars in alternative sectors; future interest on war borrowing; and local government and private war costs.
The current wars have been paid for almost entirely by borrowing. This borrowing has raised the US budget deficit, increased the national debt, and had other macroeconomic effects, such as raising consumer interest rates. Unless the US immediately repays the money borrowed for war, there will also be future interest payments. We estimate that interest payments could total over $8 trillion by the 2050s.
Spending on the wars has involved opportunity costs for the US economy. Although military spending does produce jobs, spending in other areas such as health care could produce more jobs. Additionally, while investment in military infrastructure grew, investment in other, nonmilitary, public infrastructure such as roads and schools did not grow at the same rate.
Finally, federal war costs exclude billions of dollars of state, municipal, and private war costs across the country – dollars spent on services for returned veterans and their families, in addition to local homeland security efforts.
https://online.norwich.edu/academic...infographics/the-cost-of-us-wars-then-and-now
https://ourworldindata.org/military-spending
The military expenditure of a country is largely determined by the whether it is at war or not. Outside of wartime, countries continue to spend substantial sums on maintaining their military capability. Below are two time series plots of military expenditure in real terms; the first is in thousands of 1900 UK pounds for the period 1830-1913, the second is in thousands of 2000 US dollars for the period 1914-2007.
Military expenditure by country (in thousands of 1900 UK pounds)
Military expenditure by country
Adjusted for inflation and expressed in US dollars in prices of 2000.
The extent to which war influences military spending is demonstrated in the visualisation below. The UK's military spending as a percentage of GDP in peacetime fluctuates around 2.5%, in times of war however, military spending rises dramatically. At the height of the Second World War, the UK was spending around 53% of its GDP on its military. Such a dramatic rise is consistent with the existential danger faced by the UK during the Second World War.
Military Expenditure Today and in the Future
The following visualisations provide a snapshot of military expenditure in the world today and into the future. World military expenditure in 2014 was dominated by the United States, with the top 5 completed by China, Saudi Arabia, Russia and the United Kingdom. Projections of Military expenditure in 2045 suggest that while the US will continue to be the largest spender, nevertheless China is expected to close the gap considerably.
Top ten military expenditures in US$ Bn., 2014 – International Institute for Strategic Studies1
The following map displays military expenditure as a percentage of GDP. Military spending is particularly high in the Middle East, a region that has experienced dozens of conflicts since the Second World War. Saudi Arabia, Israel, Iraq, Lebanon and Yemen all have very high levels of military expenditure relative to GDP and are all either currently engaged in conflict or have been in recent years. Two other countries that rank highly are Eritrea and North Korea, both of which are in perpetual conflicts with their neighbours Ethiopia and South Korea, respectively. It is estimated that North Korea spends roughly one-third of their national income on defence.
2
Military expenditure as share of GDP
Using that scale what would the numbers be for Standard Oil to bank $1T just for social programs in the Netherlands om judt the last 100 years? Those 2 spikes for the WW's would have been the same for every country so a lot of debt was poled onto all nations through those 2 fake wars.
