June 24, 2022

Market and Financial News

Market and Financial News Aggregator

The Shrinking U.S. Navy – WSJ

1 min read

President Biden says he’ll boost defense spending next year because the world is more dangerous. But the budget details don’t match his rhetoric, and Exhibit A is the bleak outlook for the Navy. The bill for decades of complacency and neglect is coming due at a dangerous moment, as China ramps up its fleet.

The Navy’s 2023 budget released last week asks to purchase nine ships while retiring 24, and you don’t need an advanced math degree to understand that will shrink the 298-ship fleet. The Navy’s estimates show the fleet contracting to 280 ships in 2027. A congressional aide tells us the Navy is essentially double-counting a ship Congress already authorized, so at eight new ships the Navy adds one for every three it would scrap.

2022-04-04 19:16:00

All news and articles are copyrighted to the respective authors and/or News Broadcasters. VIXC.Com is an independent Online News Aggregator

Read more from original source here…

Leave a Reply

Copyright © All rights reserved. | Newsphere by AF themes.