War Profits: Why big tech companies love war and how they rake billions out of the US government’s $0.75 trillion defense budget tech news

| |

During President Trump’s last year in office, the requested United States national defense budget was $752.9 billion. Then this year, Congress added $25 billion to that number, ending up with $778 billion for fiscal 2022.

As the war between Russia and Ukraine enters its first month, millions of Ukrainians have been forced to leave their country. Today at least four million refugees have fled Ukraine to neighboring Poland and other places in Europe.

As the war intensifies, small tech startups are also stepping up to support millions of Ukrainian refugees fleeing to neighboring countries and elsewhere in Europe and around the world. Just this morning we wrote about HomesforUkrainians, a non-profit organization that recently launched a website to put UK host families in touch with Ukrainian refugees.

While millions of people around the world are praying for an end to this war, some big tech companies would love for this world to last forever. These companies are part of the group described by former President Dwight D. Eisenhower in his farewell address. During the speech, President Eisenhower warned the nation to guard against the potential influence of the group, which he dubbed the “military-industrial complex.”

“Only an alert and informed citizenry can enforce the proper meshing of the vast industrial and military defense machinery with our peaceful methods and goals, so that security and liberty may flourish together,” said President Dwight D. Eisenhower.

Since the war on terror began more than two decades ago, tech companies have made trillions of dollars from contracts with the US military and other government agencies during the “war on terror,” according to a 2021 report.

These technology companies are not just the leading defense companies like Lockheed Martin, Raytheon Technologies and Boeing. and Northrop Grumman include other Internet companies. The Big Tech Sells War report, released in September by three US campaign groups, documented an explosion in government deals with Amazon, Facebook, Google, Microsoft and even social media site Twitter.

“From 2004 to the present, big tech companies have seen a tremendous increase in federal demand for their services, particularly from the Pentagon and the Department of Homeland Security,” the report said.

war profiteer

You may be wondering how these companies make their money. According to Brown University, these tech companies benefit from a war economy in at least three ways: logistics and reconstruction, private security contracts, and arms shipments.

According to Brown University, “These companies also took advantage of wartime conditions — which require prompt delivery and often involve less stringent oversight — to overtax the government or engage in outright fraud.” According to OpenSecrets.org, a significant portion of the 740- Billions of dollars in Pentagon budgets were spent buying weapons from Lockheed Martin, Boeing, Northrop Grumman, Raytheon Technologies and General Dynamics.

Last year, major American defense contractors also struck deals to sell $175 billion worth of weapons, including $23 billion worth of F35 fighter jets and drones to the United Arab Emirates and multi-billion dollar sales Dollars to Taiwan and Saudi Arabia. For example, gun sales accounted for 89% of Lockheed Martin’s total $65.4 billion in sales. The company’s gun sales also increased by 7.7% from 2019 to 2020.

These tech companies are on track to make even more money as the United States continues to supply weapons to Ukraine in its war against Russia. The following video shows in detail how who got rich from the war in Afghanistan.


Glance brings NFT games to Lockscreen and buys Indian sports company Gambit

Jio Rs. 555, Rs. 2,999 prepaid top-up plans announced with Disney+ Hotstar Mobile subscription


Leave a Comment