Europe reaches into the pockets of its citizens to pay for defense
| With the increase in defense costs in the midst of the Ukraine war, Europe is forced to cover its deficit from its citizens with strategies such as tax increases. |
The European Union should spend 2% of GDP on defense, however, experts say that in the new situation and in the midst of the war in Ukraine, the EU should increase spending to Cold War levels, which is 4% of GDP. gross domestic product.
According to Bloomberg, if the United States and the G7 countries want to reach this level, they will have to allocate more than 10 trillion dollars of additional funds in the next decade.
The stark reality facing the United States and its allies is that Russian President Vladimir Putin and his military are advancing in Ukraine, so the United States, Europe, and other allies must significantly strengthen their defenses in Eastern Europe. At the same time, create a counterweight for China, because it has already increased cooperation with Moscow.
Bloomberg believes that such a double threat forces Western leaders to think about compromise and balancing costs and interests, the most important of which are their citizens. Increasing taxes and living costs, increasing the price of goods and energy are the most important parts that Europe can achieve to finance its defense costs.
| © | Webangah News Hub has translated this news from the source of Young Journalists Club |
