The Democratic Party's government set a budget for the next year's armament cuts, and Korea, who took the advantage of the Republican Party's 4% armament increase, confronted with 5.5% armament increase.
The Biden administration's budget for fiscal 2022, which increased by 8.4%, increased military spending by 1.7%, but the US media said it was actually negative due to the inflation rate.
Korea's defense budget for this year was 52.914.7 billion won, an increase of 5.5% from the previous year, and an annual average increase of 7% from 2017, an increase of 12,6 trillion won in three and a half years, and 33.4% of the total defense expenditure by focusing on increasing the power of new weapons. Was used in new weapons.
In 2013, the Obama Democratic Party's administration attempted to cut the federal budget by $1.2 trillion based on the $4.6 billion cut in federal budget cuts of $85 billion in the federal budget cut, and $500 billion in the $500 billion cut in the federal budget.
Republican President Trump announced a reduction of 12,000 US troops in Germany on July 29, 2020, stipulating that “Germany is a wealthy country and a delinquent”, and Secretary of Defense Esper said, “We can spend more and have to spend more on defense. do. You have to meet the 2% standard.”
President Trump demanded that NATO members meet the 2% mark on German defense expenditure, saying that it was 1.3% of GDP.
The Biden administration's budget of $1.52 trillion was an increase of 8.4% ($118 billion) from $1.4 trillion in fiscal year 2021, and a 15.9% ($769.4 billion) increase in the non-defense budget and 41% of education expenditures, A 23% increase in the health sector, $14 billion in climate change, and $20 billion in school support for the poor were added.
The Biden administration signed a contract on the 8th to increase the rate of increase in defense expenditures for the previous year every year until 2025 from KRW 1,183.3 billion, a 13.9% increase from the previous year, for the US-Korea defense cost share, which the Trump administration requested for a five-fold increase.
Korea increased its government debt to GDP ratio from 53.2% to 69.7% from 53.2% to 69.7% from this year to 2026, while most declined, including 13.2 percentage points in Germany and 18.2 percentage points in Canada, 1.7 percentage points in the US and 5.9 percentage points in the UK. It is an increase.
Regarding the total amount of debt in Korea, the opposition party announced on the 12th that the total amount of government debt (934 trillion won) household debt (1998 trillion won) corporate debt (2138 trillion won) in 2020 was 5070 trillion won, an increase of 10.3% from the previous year (4594 trillion won).
As for the IMF fiscal monitor, Korea ranks first among OECD member countries in terms of household debt growth since 2015.
President Trump and President Moon Jae-in cooperated in the denuclearization of North Korea by increasing military expenditures for four years through strength-based diplomacy and strength-based peace strategies.