President Joe Biden signed a record-shattering military budget earlier this week, and a new analysis ... predicted that if recent contracting trends continue, the Pentagon will funnel $407 billion worth of public funds to private weapons makers this fiscal year - more than the federal government spent when sending $1,400 relief checks to most Americans in 2021. Stephen Semler, co-founder of the Security Policy Reform Institute, found that "from fiscal year (FY) 2002 to FY2021, 55% of all Pentagon spending went to private sector military contractors." "Military spending involves a massive redistribution of wealth from the public to private sector," wrote Semler. "There are over 700 lobbyists representing for-profit military contractors in D.C., and this redistribution of wealth is why they're there." In a Jacobin essay ... Semler argued that Biden is doubling down on the "New Cold War" framework embraced by former President Donald Trump, whose administration claimed that the best way for the U.S. to prevent an armed confrontation with China and Russia "is to be prepared to win one." "Biden's budget allocates nearly $40 billion more than the Trump administration, $170 billion more than Obama's last budget, and 5% more than he campaigned on. Less than 8% of the funding Biden sought for his domestic agenda has come through," [Semler said]. "Adjusted on a per-year average," Semler added, "Biden has only delivered $55 billion of the $700 billion he promised for human and physical infrastructure."