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How War in Europe Boosts the U.S. Economy
European rearmament and American aid to Ukraine flow back to defense industrial base
Feb 18, 2024, The Wall Street Journal
Proponents of support for Ukraine usually invoke U.S. strategic interests or moral obligations. Lately, they are making a more calculating case: It is good for the economy.
In the two years since Russia invaded Ukraine, the U.S. defense industry has experienced a boom in orders for weapons and munitions. Business is coming from European allies trying to build out their military capabilities as well as from the Pentagon, which is both buying new equipment from defense manufacturers and replenishing military stocks depleted by deliveries to Ukraine.
Industrial production in the U.S. defense and space sector has increased 17.5% since Russia launched its full-scale invasion of Ukraine two years ago, according to Federal Reserve data.
Biden administration officials say that of the $60.7 billion earmarked for Ukraine in a $95 billion supplemental defense bill, 64% will actually flow back to the U.S. defense industrial base.
“That’s one of the things that is misunderstood…how important that funding is for employment and production around the country,” Lael Brainard, director of the White House National Economic Council, said in an interview Wednesday.
While war often has economic spinoffs, these are occurring without the U.S. actually doing any of the fighting.
