According to the Stockholm International Peace Research Institute as reported in the Economist, the U.S. spent more in 2007 on its military than the 14 largest countries
. The U.S.'s $1.2 trillion in 2007 (hey, that could buy a bank bailout or two!) accounted for 45% of all global military spending. And this doesn't even account for the future expenses that will be incurred as a result of the wars in Iraq and Afghanistan.