Europe's Tough Choices: Balancing Defense Spending and Economic Growth.
The need to defend against an unpredictable Russia has forced European leaders to make difficult budgetary decisions that will affect people's everyday lives. The sudden security demands come at a time when colossal outlays are also needed to care for rapidly aging populations and to avoid potentially disastrous climate change. The European Union's ambitious goal to be carbon neutral by 2050 alone is estimated to cost between $175 billion and $250 billion each year for the next 27 years. The spending pressures on Europe will be huge, and that's not even taking into account the green transition.