Canada Pledges To Raise Defence To 5% Of GDP - $150B Annually

[Economy 52,844]

https://www.bnnbloomberg.ca/business/2025/07/02/defence-sector-to-rally-as-canada-pledges-more-military-spending-expert-says/

 

New PM Mark Carney has announced a plan to raise Canadas defence spending which is currently less than 2% of GDP to 5% of GDP by next decade

 

It is estimated by next decade 5% of GDP will be approximately $150B annually

[Economy 52,844]

Also ewwwwwww. Thats a lot of lost resources on guns when healthcare is crumbling and poverty rising 

[dynamite 66,566]

At least you'll be safe when half of ggd turns up at your new house 

[Economy 52,844]

1 minute ago, dynamite said:

At least you'll be safe when half of ggd turns up at your new house 

I ended up buying one i didnt announce

 

[dynamite 66,566]

Just now, Economy said:

I ended up buying one i didnt announce

 

I need to make a call 

[FfFfFfFF 58,083]

nvm-

[dynamite 66,566]

1 minute ago, FfFfFfFF said:

nvm-

I saw it!!!!! 

Can't believe you would talk about economy in this way 

[BeyonkaAte 948]

descostan but we are not surprised atp..........

[PartySick 172,477]

Ha. Peasant military

[LaLa 19,898]

hope it's just a lie lmao

[27monster27 15,850]

This is bad spending BUT, given what the US is doing with Putin AND the 51st state rhetoric I honestly can't fully blame him.

[Economy 52,844]

7 hours ago, 27monster27 said:

This is bad spending BUT, given what the US is doing with Putin AND the 51st state rhetoric I honestly can't fully blame him.

5% is crazy. Social programs will take a hit long term if this is the case

 

[27monster27 15,850]

41 minutes ago, Economy said:

5% is crazy. Social programs will take a hit long term if this is the case

I will admit that I am not too familiar with this stuff; to me 5% sounds low. That being said, if this doesn hurt social programs then it is a bad idea. This is even in the face of Putin and Trump.

[Economy 52,844]

On 7/3/2025 at 12:17 AM, 27monster27 said:

I will admit that I am not too familiar with this stuff; to me 5% sounds low. That being said, if this doesn hurt social programs then it is a bad idea. This is even in the face of Putin and Trump.

5% actually is a lot. For perspective the US currently spends close to or just under 4% of their GDP on defence. Russia which has gone full war mode spends just over 7%

 

It sounds low when comparing to entire economic output... but since u do not tax 100% of economy (its closer to like 17%)... 5% of GDP translates to  like 20% of government budget

 

If u look at it as a percentage of budget and that this may cost 20% (1/5) or more, maybe in that context 5% doesnt seem so small

[Bronco 24,898]

It's deliberate. 

Neo-liberal/post-neo liberal consensus states in the West have trapped themselves in a system where the only thing the market lets them borrow money for without shitting the bed is defence spending. 

So when times get tough, where as historically states would kick of a slew of "great works" and fund it via borrowing as a way of getting people out of unemployment and into the labour market - now the only avenue they have is to pull people into the military. 

The western political class have already picked their solution to the housing crisis/cost of living crisis etc which face the younger generations. It's bootcamp. 
I'd put money on governments like Canada/UK/France etc announcing a national service model before the decade is out. Because it's the only path out in the low growth economies we're seeing which lets them invest in housing for young people and training for young people with minimal market blowback.