The 2022 National Defense Authorization Act signed by President Biden Monday included a 2.7% raise for service members in the U.S. military, which amounts to a pay cut when factoring inflation.
Increases in prices have been especially steep in goods Americans consume most, with the price of food rising 6.1% and the price of gasoline rising 58.1% over the last 12 months.
A Marine Corps honor guard practices for a memorial ceremony held before the annual Veterans Day Parade on Nov. 11, 2021 in Madison Square Park, New York City.Major General who specializes in defense budget research at AEI, said the situation is even more dire for lower enlisted members of the military.
"The president will need to increase 2023 defense spending from his previously announced level of $756B to about $806B to account for inflation overall or else readiness of the force will suffer," Ferrari said. Part of the issue for troops is how pay raises are calculated, closely tracking the prior year's Employment Cost Index. The ECI, which tracks raises to private-sector wages and salaries,Military pay is tied to the ECI by law unless changed by Congress, meaning pay raises do not account for more recent changes in economic conditions such as inflation.
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