Missiles Are “Depleted.” Defense Contractors Are Cashing In

Missiles Are “Depleted.” Defense Contractors Are Cashing In

The Lever · 2 days ago
by Veronica Riccobene · International


In the weeks before launching strikes in Iran, the Trump administration had a problem: figuring out how to spend the $500 billion in extra Pentagon money the White House plans to request from Congress next year. Just two days later, the administration told Congress that in the next year alone, it plans to burn through $153 billion in additional military funding approved in 2025 — money Congress expected to be spent over five years.

Now, less than a week after the strikes, executives representing weapons manufacturers including RTX (formerly Raytheon) and Lockheed Martin are scheduled to meet with President Donald Trump to discuss the nation’s “diminishing” munitions stockpiles.

While the president insists U.S. munitions stockpiles have “never been higher or better,” defense-industry funded consultants and lobbyists are warning that in less than a week, the U.S. has “burn[ed]” through its precision-guided long-range missile reserves. They argue that a shrinking industrial base and declining productivity could undermine U.S. military objectives in places like Ukraine and Israel. Of particular concern are the country’s stockpile of precision missile interceptors, a quarter of which were reportedly depleted in just 12 days of fighting between Israel and Iran last summer and are on track to be further drained in the Iran war.

Yet, since the 1990s, U.S. military spending has nearly doubled, exceeding the combined spending of the next nine largest militaries.

So where has all that money gone? Into the pockets of top shareholders.

The weapons industry has become incredibly concentrated: Since the 1990s, the number of “prime” contractors working with the Defense Department has shrunk from 51 to five. And in recent years, these giants — propped up by trillions in taxpayer spending — have spent more enriching investors than in expanding production.

Migration north for the yachting season

 Migration north for the yachting season

A new offshore race in 2026 will begin May 9 from St. Barths in the Caribbean and finish off Fort Adams in Newport, RI.

Organized by US Sailing, the US Open – Offshore will be approximately 1,500 nautical miles and supported by Saint Barth Yacht Club and New York Yacht Club. For subsequent editions, yacht clubs and race organizers will be invited to bid annually for hosting rights.

“This is an exciting milestone for offshore racing in the Americas,” said Bryon Ehrhart, Event Chairman. “The course from St. Barths to Newport presents a terrific tactical challenge and establishes a high standard for future editions.” - Full report

 

The app that alerts you if smart glasses are close by

Niv Bavarsky

If you’re wondering if that guy (you know it’s a guy) at the table across from you might be recording you with his smart glasses, there’s a new app called Nearby Glasses that detects surveillance spectacles, giving you a good reason to pay your tab and leave. The app, which is only available for Android, was created in response to reports that Meta Ray-Ban smart glasses have been used in immigration raids and to harass sex workers, per 404 Media, and as a way to guard against the potentially invasive tech. Here’s how the app works: It searches for Bluetooth signals, like the ones assigned to smart glasses, and sends the user a notification. It won’t give a precise location (it’s Nearby Glasses, not Exact Glasses), but it does find signals within 10 to 32 feet of the user indoors, and 32 to 50 feet outdoors. Only getting more intrusive: The New York Times reported last month that Meta is considering adding facial recognition technology to its glasses. Meanwhile…on Tuesday, Deveillance announced Spectre I, a device it says prevents smart devices and AI recorders from “collecting conversations and turning them into data.”

 

70 days out, concerns loom over World Cup

Nick Iluzada

As yesterday marked 70 days until the World Cup kickoff, some fans wagered on tournament favorites Spain and England clinching the trophy, while others worried about whether North America is even ready to host. Safety concerns are top of mind for the dozens of crowded events set to take place across the US, Canada, and Mexico: The US and Israel’s military campaign in Iran has compounded existing security anxieties related to the cartel violence in Mexico last week. Mexico’s government and FIFA assured the games there will be safe. In addition, there are now doubts about whether Iran’s national team will participate in stateside matches. Cash-strapped cities US host city officials warned lawmakers last week that World Cup safety is in jeopardy due to funding chaos and a lack of security coordination between local and federal agencies. Uncle Sam earmarked $875 million to enhance game security, but that cash is being held up by a standoff over Homeland Security funding in Congress. Mundial has run into municipal hitches…with the Boston-area town of Foxborough threatening to block the matches set to take place there until someone fronts $7.8 million in security costs.