“National defence is too expensive ... Weapon systems cost too much ... the nation has other priorities it must fund ... Why can’t government manage better?” We will hear phrases like these in the US during the coming months as campaigns give way to elections and beget transitions to a new government.

The political argument will become a significant challenge for the next president and his team. The existing capital stock of US weapons is aging and has been used significantly over the past several years; a series of systems are nearing or in production; and a whole new generation of capability is in development. Trade-offs among these multiple investment demands – fixing worn-out equipment, modernising the capital stock, and leaping ahead to the next generation – could confound the next president unless the country sustains its high investment in defence procurement.