Opinion: Why U.S. Defense Upturn Is Not A Given
Credit: Joe Marquette/Getty Images
The current consensus on Wall Street is that the Pentagon budget has begun a steady, multiyear upturn. This is underpinned by three asumptions: 1) The world is a more dangerous place; 2) In constant dollars, defense spending cycles do not waver from the pattern established since the late 1940s; and...
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