Aviation Week Publishes Grundman Opinion, “Why the Defense Bulls May Be Disappointed”

In this essay, Steve Grundman asks, “What’s real about the outlook for defense spending today?” His answer explains why defense spending is most likely to settle in for what he calls the “long bottom,” a sustained period of roughly level annual budgets—the base budget plus supplemental “overseas contingency operations” appropriations—at about $600 billion. Although hope still springs eternal in April, Grundman outlook for defense is likely to disappoint Wall Street’s defense bulls who see the 2016 budget as the start of a sustained growth cycle.

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