Global Defense Spending Reaches Record High

In case you weren't depressed today, know this: worldwide defense spending hit $1.46 trillion in 2008, a new record. Since 1999, total spending is up 45 percent.

Check out how American defense spending compares to the rest of the top ten:

1. USA $607bn
2. China $84.9bn
3. France $65.74bn
4. UK $65.35bn
5. Russia $58.6bn
6. Germany $46.87bn
7. Japan $46.38bn
8. Italy $40.69bn
9. Saudi Arabia $38.2bn
10. India $30.0bn

We outspend the other nine countries on that list by $130 billion.