Debt as a US defence spending consideration since the end of World War II. Part One: Truman to Johnson

David Tier

Economic Affairs, 2025, vol. 45, issue 3, 368-394

Abstract: US presidents have explicitly addressed trade‐offs between adequate military budgets and accruing national debt. Presidents have deliberately considered reductions to defence spending as part of a plan to shrink deficits, but they have also found there is a level of defence spending beneath which they dare not fall. This study reports the results of an examination of primary source documents, speeches, and other records seeking to determine the extent to which presidential administrations considered fiscal balances when making defence spending decisions. Part One addresses the administrations of Presidents Truman through Johnson. Part Two covers Presidents Nixon through Biden. These results inform debates over the US national debt, deficit spending, and the mixtures of spending cuts and revenue increases which are practical to achieve a balanced budget.

Date: 2025
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